Tue 22 Jan 2013
Filed under: Business / Trade,Inside Burma,International,News
Burma’s annual international mining conference, the 2nd Myanmar Mining Summit, opened on Tuesday at Rangoon’s Sedona Hotel.
Workers at a jade mining area in Kachin State Photo: Phyusin Linn/Mizzima In his opening speech, Minister of Mining Dr. Myint Aung welcomed the audience who were made up of local and international members of the mining industry, and announced that he was currently amending the outdated mining law to encourage foreign investment in the exploration of Burma’s untapped mineral resources.
Dr. Neil Reynolds, director at CSA Global Pty, said that the lack of modern exploration into Burma’s mining possibilities was a real hindrance for the development of the industry.
“Myanmar missed the boom and remains entirely unexplored,” he said. The 1994 mining law provides a good basis for the new law, he continued, but many of the demands don’t encourage investment of exploration and the much-needed “dollars in the ground”.
“There is no treasure trove waiting to be released, it requires work,” he said.
There are currently some 200 mining and mineral producing businesses in Burma, with many international companies waiting to enter the market.
In March 2012, the Mining Ministry introduced an environmental law that forbids mining and exploration in and around four of Burma’s main rivers.