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State gets USD 20 million profit from Letpadaung copper mine

Metal News - Published on Fri, 17 Feb 2017

Image Source: Mizzima
The Union Ministry of Natural Resources and Environment Conservation Minister Ohn Win said that the profit received by the State within eight months from Letpadaung copper mine which is owned and jointly operated by Myanmar Economic Holdings Ltd and China’s Wanbao Company was about USD 20 million.

Union Minister Ohn Win said that “The State’s share of 23,266.504 metric tons of cathode copper produced within the period of 5 May 2016 to 31 January 2016 has the market value of USD 19,990,876.91 at the London Metal Market rate on 31 January 2016 of USD 5,921 per metric tonne.”

Union Minister Ohn Win was speaking at the parliament session held on February 14 in reply to the question when did the State start to receive its 51% share from this Letpadaung copper. The question was raised by lower house MP Aung Khin Win from Myaing constituency.

The profit sharing of the Letpadaung copper mine is divided into 51% to the State and 49% Wanbao.

MEHL and Chinese Wanbao Company signed the agreement on Letpadaung Copper Mine on June 6, 201

Source :

Posted By : Rabi Wangkhem on Fri, 17 Feb 2017
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