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Article

5 Aug 2013

Author:
Xinhua (China)

Myanmar calls for sustainable development in copper mine project area

Myanmar President's Office Minister U Hla Tun...vowed to ensure job creation and bring benefit of the project to local people,adding that works are underway for environmental conservation. Construction work on the Latpadaungtaung copper mine project in Monywa in northwest Myanmar's Sagaing region is to resume under a revised contract signed on July 24 by the state-owned Myanmar Mining Enterprise, Myanmar Economic Holding...and China's Wanbao Mining...Under the new contract...Myanmar Mine Enterprise will levy 5 million U.S. dollars on Myanmar Economic Holding...while Wanbao company will invest 2 million dollars annually for mine reclamation by opening escrow account with Myanmar Foreign Trade Bank and also invest 1 million dollars annually for corporate social responsibility (CSR). Besides, all the investors will use 2 percent of the net profit for CSR as of running of the project.