Deputy Minister of Mines H.E. U Than Tun Aung discusses the enormous potential of Myanmar’s mining industry.
European Times: What are your ministry’s responsibilities?
H.E. U Than Tun Aung: The ministry is divided into the Minister’s office, the Department of Mines, the Department of Geological Survey and Mineral Exploration, and six specialised mineral enterprises. These focus respectively on ferrous metals such as lead, zinc, copper, iron and nickel; gold, tin, tungsten, titanium and the extraction of rare-earth metals like platinum; industrial materials like coal and steel; gems; pearls; as well as salt and marine chemicals.
European Times: How is the ministry doing to attract investors?
H.E. U Than Tun Aung: The Myanmar Investment Commission instituted the new foreign-investment law in 2012 and now the Ministry of Mines is working towards amending Myanmar’s mining law. The new mining law’s main objectives are to promote environmental conservation and to build confidence among foreign investors in Myanmar’s mining industry as an investment target. Myanmar joined the Extractive Industries Transparency Initiative (EITI) in December 2013 to show the international community that we take transparency and ethics very seriously. EU countries are worried about investing in Myanmar, but many countries throughout the world have already invested in our mining sector and have seen tremendous success.
European Times: Do you have any current projects with the EU?
H.E. U Than Tun Aung: We are planning to work with the Geological Survey of Finland on the “Sustainable Development of Mineral Resources in Myanmar” project in 2014-2015 and further projects are expected. Technical and human-resource development is very important for us and we can achieve this through strategic partnerships with EU companies.
European Times: Can you cite some investment opportunities?
H.E. U Than Tun Aung: Investors can invest directly or through joint ventures. If foreigners are interested in exploration, they can apply for a “greenfield exploration” license to explore previously unexplored land and complete a feasibility study at their own cost and risk. Because the ministry is not allowed to export raw ore, we are especially looking for investors that can process and add value to our mineral resources.
European Times: What is your personal message to investors?
H.E. U Than Tun Aung: Myanmar is endowed with copper, gold, lead, zinc, silver, nickel and jade, to name just a few. There is great potential if we can combine our rich mineral deposits and new technologies. I personally invite investors to explore the mining sector not only for FDI but also in partnerships with local companies.
