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URGENT NEWS - Canadian Firm Reaches
Canadian Firm Reaches New Mining Contract with Myanmar
Xinhua
23-JUN-98
YANGON (June 24) XINHUA - The
Canadian firm Ivanhoe Myanmar Holding
Ltd. has reached one more contract with
the Myanmar mining authorities to explore
mineral deposits in the Southeast Asian
country.
Exploration of gold and copper deposits
will be undertaken under the third joint
venture contract signed here Tuesday
between the company and the Geological
Survey and Mineral Exploration
Department of the Myanmar Ministry of
Mines, the official New Light of Myanmar
newspaper reported Wednesday.
The exploration activities will be carried
out in the Myesaytaung area in Bago
division's Letpadan township, the report
said.
The Ivanhoe company had earlier signed
two joint venture contracts with Myanmar.
One joint venture produces 25,000 tons of
copper annually from the mineral deposits
at the Kyesin and Sabei hills in Mongywa
and Salingyi townships beginning this
year, and the other extracts mineral
deposits at the Letpadaung hill in the
northern part of the country, where more
than 400 million tons of deposits have
been detected.
Other Canadian companies involved in
mineral exploitation in Myanmar include
the First Dynasty, Panorama and Palmer
Resources.
Altogether a dozen foreign companies
including those from Australia, Japan,
Malaysia, Singapore, Thailand and the
United States have been participating in
mineral extraction in Myanmar, with
Canadian companies specializing in
copper mining.
According to official statistics, foreign
investments in Myanmar's mining sector
exceeded 498 million U.S. dollars in 42
related projects at the end of February this
year.
The latest statistics also show that the
output value of Myanmar's mining sector
rose 1.5 percent in the 1997-98 fiscal year
ending March compared with the previous
year. Production of copper totaled 509,172
tons in 1997-98.
Exports of mineral and non-metallic
products, mainly copper, tin concentrates
and gems, amounted to 43 million dollars
in fiscal 1996-97.