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New Year Wish
from Burma Related News
Dear
Readers
Wishing the Year 2002
will bring you happiness, Joyful and Healthy.
Tin
Kyi -----------------------------------------------------------------------
BURMA RELATED NEWS - January 01,
2002.
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HEADLINES
----------------------------------------------------------------------- Xinhuanet - Canadian Company to Develop Gold Deposit in
Myanmar
Canadian Company to Develop Gold
Deposit in Myanmar
Xinhuanet 2002-01-01 10:34:00 YANGON, January 1 (Xinhuanet)
-- A Canadian company, the Ivanhoe Mines, is planning to develop a promising
gold deposit discovered late last year in central Myanmar, local weekly journal
The Myanmar Times reported in its latest issue.
Quoting sources at the company, the journal said the Ivanhoe will form a
joint venture with a Myanmar state mining enterprise for the move.
The Modi Taung gold project site, about 150 kilometers southeast of
Mandalay, Myanmar's second largest city, covers 1,400 square-kilometer mining
exploration block.
The samples taken from the site are said to have proved with good
results.
Meanwhile, the journal said, copper mined by Ivanhoe at three deposits in
Monywa, central Myanmar, has been awarded Grade-A quality certification from the
London Metal Exchange.
Official statistics show that about a dozen foreign firms, including those
from Australia, Canada, China, Japan, Malaysia, Singapore, Thailand and the
United States, are engaged in prospecting and exploration of mineral resources
as well as feasibility study in Myanmar since the country enacted the New Mining
Law in 1994.
The statistics also show that foreign investment in Myanmar's mining sector
so far amounted to 522.5 million U.S. dollars since the country opened to
foreign investment in late 1988, standing as the fifth largest
sectorally. |