China's Wanbao signs new contract for controversial copper-mine

China's Wanbao signs new contract for controversial copper-mine

Published on Monday, 15 July 2013 17:21

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.

http://www.information.myanmaronlinecentre.com/chinas-wanbao-signs-new-contract-for-controversial-copper-mine/