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May 26, 2013 -- Updated March 19, 2013 00:46 HKT

Myanmar compensates farmers for land confiscation for Copper Mine project


paul@livetradingnews.com
Posted on: Mar 19th, 2013

Myanmar compensates farmers for land confiscation for Copper Mine project

Myanmar authorities have started giving compensation to farmers whose lands were confiscated to make way for a copper mine project in Monywa in northwestern Sagaing region, official media reported Monday.

The compensation is part of the move to implement recommendations in the Letpadaungtaung copper mine probe panel’s report.

New villages are set up for local farmers removed from the copper mine project area with houses and roads being built and water and power supply being arranged.

The special committee led by Minister at the President’s Office U Hla Tunis is also implementing suggestions in respect of environmental conservation, socio-economic development, reclamation of farmland, revising contracts, healthcare and safety at worksite, getting international certificates, creating jobs for local people.

Following the release of the probe panels’s report on March 12, the panel’s chairperson Aung San Suu Kyi visited the project site and made two-day village-to-village patient clarifications on the findings and proposals with regard to the project.

The probe panel’s report said the controversial Letpadaungtaung copper mine project should go on as the best choice for the economic benefit of the nation and the people especially for the benefit of the future generation, while amending the weak points concerning economic, social and environmental impacts.

A 15-member committee was also formed by the President to implement the report.

The Latpadaungtaung copper mine project has been undertaken by the Myanmar Economic Holding Ltd and China’s Wanbao Mining Ltd with the approval of the Ministry of Mines in March 2010 after a Canadian company, the Ivanhoe, pulled out 2 yrs ago.

Myanmar’s riot police dispersed protesters by force after the demonstrators defied the government ultimatum to leave the project site on 29 November 2012.

After the incident, Aung San Suu Kyi visited the site, saying that the problem would be settled under rule of law without affecting foreign investment inflow.

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Heffernan Capital Management
Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com

Singapore

3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699

 Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

 

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