Licenses for over 300 mining blocks in Lonekhin, Hpakant to expire in September

A total of 321 mining blocks in Lonekhin, Hpakant will expire next month, it is learnt from an announcement released by Myanmar Gems Enterprise under the Ministry of Mines. The blocks in Lonekhin, Hpakant were granted a work permit for five to seven years whereas 83 blocks in Kannee were permitted starting in 2011. Similarly, […]

Gems sales slump for second year running

Lack of interest from Chinese buyers and a shortage of quality wares again dogged the latest Gems Emporium at Nay Pyi Taw. Ministry of Mines estimates of sales in the high millions of euros appear to be hopeful at best. The 53rd emporium, which ran until yesterday, failed to attract substantial numbers of Chinese merchants, […]

Local mining applications delayed by new gemstones law

New concessions to explore gem-rich areas in upper Myanmar will not be granted until by-laws to the Myanmar Gemstones Law have been passed, which is unlikely to happen under the outgoing government, officials from the Ministry of Mines said. The ministry asked local companies to submit applications to explore mining blocks in Kachin State, Shan […]

MIC flags Yangon condo built without approval

The Myanmar Investment Commission has accused a local developer of building a condominium in Yangon with a foreign partner without approval, while the developer says it does not need approval as the investment is entirely local. Foreign investments and local-foreign joint ventures must all be approved by the MIC, while local investments can go ahead […]

Mining in Myanmar

Some are calling it “the world’s best up-and-coming mining spot.” And that’s worth noting because this tiny country has already proven itself as a host to massive, world-class mineral deposits — including the largest copper deposit in Southeast Asia. The country I’m talking about is Myanmar. Mining in Myanmar After 50 years of socialist and […]

Myanmar gold exchange to open in 2016

Myanmar’s first official market for gold and metal trading will open in Yangon early this year, U Khin Maung Han, vice chair of the Myanmar Federation of Mining Association, told The Myanmar Times. “Myanmar needs an official market for gold and metal,” he said. “Metal products must have fair prices and global-standard qualities. Otherwise, underground […]

US sanctions force jade into a corner, say traders

Jade traders say US sanctions have forced them to rely on Chinese investors and buyers, who dodge taxes and operate with little to no transparency. If Washington were to remove sanctions, they say, it would speed up reform in the troubled sector. Since the US banned imports of gems and jade in 2003, China has […]

Burmese-Only Jade Sale Pegged for December

RANGOON — The Myanmar Gems Enterprise will hold the year’s first and only jade sale exclusively for local traders in Naypyidaw this December, with industry players hoping to see more purchases of raw jade and jadeite made with value-added intentions. In Thursday’s state-run newspapers, the Ministry of Mines’ Myanmar Gems Enterprise announced that the central […]

Myanmar to allow exports and imports of gold

NEW DELHI (Scrap Monster): According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold . The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under […]

Golden push for local market plans

The Myanmar Gold Entrepreneurs Association is pushing for a solution to the fractured local gold selling market through the introduction of a central exchange with strong rules. The market’s aim is to standardise criteria for quality and pricing in line with international standards, while bringing all trading to one place, said association secretary U Kyaw […]