China's Wanbao Mining Company signed a new contract for the controversial copper-mine project in Sagaing Region last week, according to the Myanmar Investment Commission.
The Myanmar Investment Commission approved a new contract for
Letpadaungtaung copper-mine project on July 10 which gives 51 percent of
profits to Myanmar government, 19 percent to the military-owned Union
of Myanmar Economic Holdings Ltd (UMEHL), and 30 percent to Wanbao
Company. Gen Yi, Managing Director of Myanmar Wanbao Company, ensured
there would be transparency and all agreements will be revealed to the
public.
"Profit sharing between Wanbao and Myanmar, environmental issues of
the project and corporate social responsibilities will be revised in the
new contract," said Gen Yi.
The project was first approved as a joint venture between Wanbao
Company and UMEHL. Last year, there were series of local protests
against the project because of its environmental and social impact as
well as land confiscation in the project area. A government probe
commission, formed after a brutal police crackdown on sit-in protestors,
decided amid objections by some local people that the project should
continue.
The commission led by opposition leader Aung San Suu Kyi, however,
suggested reviewing the contract, having transparency and providing fair
compensation for the confiscated lands.
source: Eleven Myanmar
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