Wednesday, 2 April 2014

Indian company to conduct mining work in west Myanmar state

YANGON, April 1 (Xinhua) -- An Indian company is offering to conduct mining work in two townships of Falam and Tunzang in Myanmar's Chin State, official media reported Tuesday.

The Karam Chang Thapar (KCT) company is likely to carry out such mineral exploration work as on gold, chromites, nickel and limestone, said the New Light of Myanmar.

There are nine townships in Chin except one that can produce chromite, nickel, iron, copper, aluminum, limestone, coal, oil and marble.

A number of other private companies have also sought permission to do such mining work in the state, the report added.

Myanmar has been encouraging local and foreign investment in mineral exploration.

Foreign firms having being engaged in mineral exploration in Myanmar include those from Australia, China, France, Japan Malaysia, Singapore, South Korea, Thailand, the United States and Russia.

Official statistics show that existing foreign contracted investment in Myanmar's mining sector amounted to 2.337 billion U. S. dollars in 11 projects as of the end of January 2014 since the country opened to such investment in late 1988, accounting for 6.6 percent of the total foreign investment and standing as the third largest sectorally after electric power and oil and gas.

source: Shanghai Daily

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