State gets US$20 Million in Profit in Eight Months From Letpadaung Copper Mine

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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 (MEHL). and China’s Wanbao Company was about US$ 20 million.

“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 US$ 19,990,876.91 at the London Metal Market (LME) rate on 31 January 2016 of US$ 5,921 per metric ton,” Union Minister Ohn Win said.

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.

Minister Ohn Win clarified to parliament that the State’s share of 51% was received only after May 5, 2016.

MEHL and Chinese Wanbao Company signed the agreement on Letpadaung Copper Mine on June 6, 2010.

 

Source: The Mizzima
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