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Fugitive Myanmar Gold Mining Executive Arrested in Thailand

YANGON—National Prosperity Company (NPC) chair U Soe Tun Shein was arrested in Thailand and extradited to Myanmar on Wednesday after more than a year on the run. The Ministry of Natural Resources and Environmental Conservation (MONREC) found in 2018 that NPC had failed to comply with an order, issued the previous year, to suspend its […]

Gold mine officials accused of making false claim

The Myanmar Anti-Corruption Commission has charged three directors of gold mine concessionaire National Prosperity Co (NPC) with submitting a false claim accusing civil servants of corruption. NPC managing director U Tun Aung Soe submitted the complaint to the commission requesting an investigation of the alleged illegal extraction of gold and other minerals by civil servants […]

Local partners criticise mining firm that owes government money

Mine workers marched to protest against the gold mining firm National Prosperity Co (NPC), which the government ordered closed in November last year for not paying the government its share of mining revenue. About 200 workers from 22 local firms in Moehti Moemi mining area of Yamethin township in Mandalay Region held the protest at […]

National Prosperity Company to be sued over gold debt

The National Prosperity Company (NPC), which has been mining gold at Moehti Moemi mine in Yamethin township, Mandalay, will face civil charges over its remaining gold debt to the state amid the termination of its contract, said U Khin Maung Win, deputy general manager of the mining enterprise No. 2 and branch head of the […]

National Prosperity Company under scrutiny on gold debt to gov’t

Negotiations are currently being carried out for NPC to make the payments. The company owes 5.5 tonnes of gold (over 3,400 viss) priced at a fixed rate to the government. NPC has an 8-year contract with the government to mine for gold in the resource-rich Moehti Moemi area, which spans over 6,000 acres of land. […]