YANGON, Feb. 1 (Chinese media) -- A South Korean leading private company is
seeking investment in mineral exploration in a major mine in Myanmar's northern
Shan state, the local weekly Yangon Times reported in this week's issue.
Confirmed by the South Korean Embassy here, the Korean HC Company has
coordinated with the Myanmar mining authorities to make investment in the
Yadanar Theinki mining block on a mutually-beneficial basis and a field survey
running for a period of up to one year will be conducted by Korean experts soon.
The South Korean company's intentional investment in the mining sector will
be the first in Myanmar, the report said.
According to the journal's report, South Korea stands the fifth largest
foreign investor in Myanmar injecting 50 million U.S. dollars in the oil and gas
sector. Total Korean investment amounted to about 350 million dollars in the
fiscal year 2007-08.
According to earlier official report, three S Korean companies-- Korea
Resources Corporation (KRC), Daewoo International Corporation and Taihan
Electric Wire joined the Canadian company of Ivanhoe in producing copper in
three blocks of Sabetaung, Letpadaung and Kyisintaung near Monywa in Sagaing
division under an agreement reached among them in January 2006.
The copper mining activities have been undertaken by the Canadian company
since 1996 with 39,000 tons of copper producing annually.
Other firms engaged in mineral exploration in Myanmar include those from
Australia, China, Japan, Malaysia, Singapore, Thailand and the United States.
Official statistics show that foreign contracted investment in Myanmar's
mining sector has amounted to about 534.19 million U.S. dollars as of the end of
2007 since the country opened to such investment in late 1988, accounting for
3.6 percent of 14.736 billion dollars' total foreign investment and standing as
the sixth largest sector.
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