Myanmar Mining IndustryBurma Mining Industry
Myanmar's administration once held all the land's goldmines, but after the collapse of the regime in 2011, many of them were divested to privately held investors. After five decade-long reigns by Nazi and militarist regimes, under which the nation became one of the least advanced nations in the developing hemisphere, a new era has dawned in Myanmar's commitment to the interna -tional population.
The mining industry is the third biggest beneficiary of FDI in Myanmar. Industry exports amounted to approximately US$ 1.5 billion in fiscal 2013-14 and one fifth of those who live in impoverished households are not registered inelementary school. Leaders of the state hope that a new bill to be enacted in a few weeks' time will create new trust among traders, many of whom have remained reluctant due to a shortage of credible information and concern about past practice.
Burma is planning to join the Extractives Industries Transparency Initiative (EITI), a comprehensive group of government, business and other stakeholders to enhance the responsible governance of revenue from the use of the country's physical resource. China has been the main mineral investors and buyers for many years due to US, EU and other West European sanction.
Myanmar has therefore had little room for flexible action and there is no room for pressure in this area. However, overseas firms that may seek prospecting and prospecting licences are invited to work with Myanmar firms. Mining and energy make up 55% of Myanmar's export. Due to the country's abundant geology and key position between China, India and the remainder of ASEAN, mining in Myanmar is anticipated to increase in the years ahead as investor-friendly legislation and regulation is made.
Major new mineral discovery and manufacturing operations, comprising materials such as coal, pewter, tungsten, nickels and bullion, will be authorised and commenced in the coming years. Mining Minister is advising Myanmar on the search for cutting-edge technologies to boost productivity: Survey and test drillings, environment engineering and service, The Articles of Association and the rules are intended to address a number of important investor issues, such as the limitation of capital and property, tax rules and a number of incentive schemes.
A further benefit of the still poor country is the favourable location between China and India, the driving force behind global recession and starving commodityists. Burma faces three different kinds of challenge in mining projects - conflicts over lands, violence against natural resources and the environment.
It is under debate to ban the export of ores, coals and bullion to make sure that it is processed in the state.