Myanmar Federation of Mining Association (MFMA) plans to set up a central mineral market this year to eliminate illegal trade and minimise the loss of state funds.
The move was discussed at the Myanmar-China Trade promotion forum under the heading of “Business Opportunities especially Mining Sector in Myanmar”.
Setting up a central mineral market aims to ensure correct prices, to boost the local mineral market, eliminate illegal trade, increase inflows to state funds and provide exact production figures. But establishing a central market would require help from the government.
Khin Maung Han, vice-chairperson of the MFMA, said: “We are working on the emergence of a mineral central market. The MFMA alone is not in a position to establish it. We need the government’s support. The emergence of such market could help prevent the country losing money.”
A mineral market would help support awareness for value-added mineral resources, plus connections to the global market via neighbouring countries and other ASEAN states, as well as boosting border trade after talks about existing laws in neighbouring countries.
Myanmar, as a member of the Extractive Industries Transparency Initiative (EITI), is working to make earnings from mineral resources more transparent, by providing clarity on the use of funds.
Source: ELEVEN MYANMAR