Myanmar Mineral Exploration and Oversea Mining Company Status

7/8/2017 Foreign firms’ future in Myanmar mining hangs on details
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Foreign firms’ future in Myanmar
mining hangs on details
By Steve Gilmore | Wednesday, 17 February 2016
A new amendment has the potential to fundamentally alter the
economics of mining in Myanmar and draw a new round of foreign
companies to the country. But with commodity prices dropping
firms are searching for the most favourable fiscal regimes, and the
outlook for Myanmar rests heavily on regulations now being drawn
up.
A craftsman works to refine gold in Mandalay. Photo: Kaung Htet / The Myanmar Times
A long-awaited draft amendment passed at the end of 2015 allows foreign
firms to form joint ventures with small- and medium-scale mining firms to
expand a project and extends tenure permits for large-scale projects to 50
years.
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It also guarantees firms that conduct exploration according to the rules a
mining permit, removing some of the uncertainty about how straightforward
this would be for companies that had already spent capital on exploration
work.
All of these are positive steps for foreign firms eyeing the Myanmar mining
sector. But the key development is the potential for the government and
foreign firms to form profit-sharing or equity participation agreements,
according to Yangon-based mining services firm Valentis Resources, which
thinks this could “vastly alter the economics” of the mining sector.
In the past, the only option for foreign miners was a production-sharing
contract, specifying a minimum quantity of production to be delivered to the
government on top of royalties. These contracts have been used successfully in
Myanmar, but are an ill fit for an industry where different mines, minerals,
deposits and firms suit different ownership structures.
Smaller capital-intensive firms, called juniors, typically make the bulk of
mining discoveries. But the high cost of exploration and mining means that
production-sharing agreements tend to only suit large-scale projects in which
there is a high degree of confidence, said the chief executive of one foreign
mining firm with permits in Myanmar, who asked to remain anonymous.
Equity-sharing agreements with the government are the norm in most
emerging markets, he said, and would likely make a new set of Myanmar
projects, where confidence is “less robust”, economically viable.
“The new clause that allows for production sharing, profit sharing or equity
participation is why we think the economics of mining projects will change,”
said Lachlan Foy, head of commercial affairs at Valentis Resources. “The
interpretation of that clause will make or break the industry for foreign
investors.”
According to parliamentary procedure, an amendment becomes law 90 days
after it is approved. The Ministry of Mines is now drawing up regulations to
accompany the amendment, which should provide more details on how the
profit-sharing and equity participation models will work.
In an equity-sharing agreement for example, the government and an
international firm each have a set percentage stake in the project. The
government would operate in much the same way as a private partner.
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Such arrangements typically have two forms – one in which the firm pays for
the government’s share of the capital and is paid back out of profits from the
mine, and another in which the firm is not paid back at all.
Details such as these are why the forthcoming regulations are so important.
“We don’t yet know how the specific regulations will be drafted,” said Mr Foy.
“If they don’t lay out set percentages for the profit- or equity-sharing models
for large-scale projects that may not be a bad thing. It would provide room for
companies to negotiate an agreement that best suits the situation.”
Foreign interest in Myanmar’s mining sector has been building in the run- up
to the new law and regulations. The Australian government’s Australian Trade
Commission (Austrade) told The Myanmar Times it expects increased
Australian interest following passage of the new law and the regulations.
An Austrade briefing session in Australia in October 2015 on the potential
opportunities in Myanmar drew almost 50 firms – a record number for “a non-
traditional export or investment market update”, said senior trade
commissioner Ross Bray.
“The number of enquirers has picked up,” said Mr Foy. “There are even some
interested companies that would normally form part of the final wave of
foreign firms that only enter a country when everything is established and
stable. That doesn’t mean they’re going to start operations in Myanmar
tomorrow, but they are aware of the changes.”
The option to use profit, production or equity structures, however, is not
enough to guarantee a new wave of foreign firms, particularly during the
bottom of a commodity price cycle. Exploration costs are always high, and with
commodity prices falling mining companies across the globe have to pay more
to raise funding, said foreign mining sector officials.
The World Bank on January 26 downgraded its forecast on 37 of 46
commodity prices, and expects metals to drop 10 percent this year after falling
21pc in 2015.
Mining in Myanmar, meanwhile, remains a daunting prospect for many firms.
The country’s abundant natural resources range from gold and rubies to jade,
coal, copper, tin and tungsten, but the sector is plagued by controversies
around safety, land rights, resources sharing, armed conflict and lawlessness.

Foreign mining companies have often clashed with residents amid allegations
of land dispossession and environmental damage, and mineral wealth has
fuelled sporadic conflict between the military and armed ethnic groups.
Foreign interest in the country hit a peak back in 2012, said the foreign firm’s
chief executive, “but then everyone saw how hard it was and ran away”.
Although the equity and profit sharing agreements could make a new set of
mining projects viable, permits remain difficult to procure, he said.
“It took us two-and-a-half years to get our first Myanmar permit,” he said. “I
think the government is moving in the right direction, but that time needs to
come way down. Ideally it would be three months, and maximum six.”
Exploration firms have a host of countries to choose from, and in most
emerging markets the application time is far shorter than in Myanmar.
Data from Valentis Resources, sourced from the Ministry of Mines’
Department of Geological Survey and Mineral Exploration, lists just 21 foreign
companies holding permits as of this month. This figure covers a range of
separate activities including exploration, feasibility studies and production.
Peter Mullens, chief executive and director at London-listed Aurasian
Minerals, which in September 2015 announced it had withdrawn exploration
permit applications for Myanmar, told The Myanmar Times that the
overriding factor in determining whether to invest in a foreign country was the
“ease of doing business”.
“Mining is a very risky business and very hard to make a profit,” he said.
“Anything that stops a project moving ahead will impact on our decision to
explore there.”
Aurasian Mineral’s announcement on the London Stock Exchange in
September last year said it had withdrawn the application “in view of the slow
approvals process in Myanmar currently and the need for management to
focus on opportunities with a nearer-term prospect of creating value”.
Mr Mullens did not comment on whether Aurasian Minerals was looking at
Myanmar again.
Corporate tax of over 30pc and royalties over 5pc means Aurasian Minerals
“will not invest in a country even if great opportunities exit”, he said.
If a foreign firm has to cover the government’s stake in an equity sharing

If a foreign firm has to cover the government’s stake in an equity sharing
agreement without being paid back, or a local partner requires more than a
20pc stake, “that also impacts on this decision”, he said.
Corporate tax for foreign mining companies is 25pc in Myanmar, and the
highest royalty rates are 5pc. But allowable deductions and carried forward
losses would need to be clarified for the prospective profit sharing and equity
participation models, said Michael Phin, head of finance at Valentis Resources.
When forming partnerships with foreign firms, a local company must own at
least 20pc of the joint venture for “large size mining projects” under the
Foreign Investment Law. Foreign firms can conduct exploration without a local
partner.
One issue in partnering with local firms already in possession of a deposit or a
mine is agreeing on an appropriate valuation, said several people at Yangon
based foreign advisory firms.
The lack of exploration and technical assessment of potential deposits means it
is often difficult for local and foreign firms to agree on the value of a project,
and therefore on how production sharing and investment should be split.
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Ms. Cho Cho Wynn
Deputy Director-General
Directorate of Investment and Company Administration
New Myanmar FDI Law & Opportunities for Foreign
Investment in Mining Sector
1

Outline
Myanmar in Brief1
2
Existing Mining Projects in Myanmar
New Foreign Investment Law
Facilitation and Accountability
2
3
4
5
6
7
Foreign Investments Flows into Myanmar
Doing Business in Mining Sector
2
Policy Framwork
5
8 Conclusion

Myanmar in Brief
Strategic Location and Climateof Myanmar
Location:
Southeastern Asia, bordering the
Andaman Sea and the Bay of Bengal,
between Bangladesh and Thailand
Geographic coordinates:
22 00 N, 98 00 E
Area:
total: 678,500 sq km
land: 657,740 sq km
water: 20,760 sq km
Land boundaries:
total: 5,876 km
border countries: Bangladesh 193 km, China 2,1
85 km, India 1,463 km, Laos
235 km, Thailand 1,800 km
The length of the coastline:
1,385 miles
Climate:
summer, rainy season and cold season
Population:
60 Million Total
37.35 Million in Labor Force 3

Myanmar in Brief
Rich Natural Resources
Abundance of precious gem stone such as ruby,
sapphire, jade and diamond. Ruby accounts for
90% of world supply and the largest jade resource
country in the world.
Has gold deposit across the country
Copper is the largest export of mining product
Others mining product such as silver, lead, tin, tungsten and
antimony deposit are widespread in the country
4

5
Foreign Investments in Myanmar
Foreign Investment Permitted Enterprises by Sector as of December 2012
Source: DICA
19067.50
14181.97
2829.69
1910.78
1364.81
1056.45 329.96
313.91
193.11
182.75
37.77
24.69
Power(45.95%)
Oil and Gas(34.18%)
Mining(6.82%)
Manufacturing(4.61%)
Hotel and Tourism(3.29%)
Real Estate(2.55%)
Livestock & Fisheries(0.80%)
Transport & Communication(0.76%)
Industrial Estate(0.47%)
Agriculture(0.44%)
Construction(0.09%)
Other Services(0.06%)
US$ in Million
FDI Flows

6
Foreign Investment Permitted Enterprises by Country as of December 2012
Source: DICA
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
US$ in Million
FDI Flows

7
Yearly Foreign Direct Investment Flow into Myanmarfrom 1988-89 to 2012-13 (December)
Source: DICA
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
7177.091
217.688 19.002 86.948 91.17 158.283
6065.675
719.702 205.72 984.764 329.58
19998.965
4644.4596
794.345
US$ in Million
FDI Flows

No Name of Company Coountry Location
Investment
Amount
(US$ Million)
1 CNMC Nickel Co., Ltd China Tagaung Taung Area in
Mandalay & Sagaing
855.996
2 North Mining Investment Co., Ltd. China Nwe Taung ,Tiddin Area
Township, Chin State
1.750
3 De Rui Feng Investment Co., Ltd China 107.78 sq.km, Dawei River
Area,
15.334
4 Myanmar Wanbao mining Copper
Ltd.
Hongkong Letpadung Taung Area
Salingyi Township,
997.000
5 Nobel Gold Ltd Hongkong Banmauk Area, Sagaing 2.700
6 Myanmar Yang Tse Copper Ltd. Hongkong Sabetaung, and Kyisintaung
in Salingyi township, Monywa
396.377
7 Myanmar Pongpipat Co.,Ltd. Thailand Dawei, Tanintharyi 1.000
8 Ivanhoe Myanmar Holding Ltd. U.K Monywa, Salingyi Township,
Sagaing
8.100
9 Myanmar Simco Song Da Joint
Stock Co., Ltd.
Vietnam Na Pu Taung, Depiosite, 18.147
Total 2296.404
Existing Mining Projects under Foreign Investment Law

Sustainable development of agriculture towards
industrialization and all round development;
Equitable and proportionate development among
Regions and States;
Inclusive development of entire people;
Quality of statistics and statistical system;
National Economic Policy

Reforms
Third PhaseSecond PhaseFirst Phase
Focused on politic
- National
Reconsolidation
- Peace and Stability
- Freedom of Media
Focusing on Economic
Development
- Invite more FDI
- Change of Trade Policy
- Monetary & Finance
Policy
- Conduct National
Workshops in various
economic sectors
Focused on public
Administrative
- Good Governmance
- Clean Government
11

Criterions of Investment
Protection of investors
Safeguard of environmentconservation
Deeply emphasize on social impact
Transparency and accountability in financial matters
Create job opportunities
Abide existing labour law
Support corporate social responsibilities consistent
with regional and international standard and
agreements
Transfer of Technology.

13
Current Reforms for Investment Facilitation and Accountability

Reforms in Investment Agenda
Issued notification no. 39/2011 relating to the right to use land According to
notification no. 39/2011, investors can lease the land not only from the State
but also fromprivate
The Special Economic Zone Law was also enacted in January 2011 and is now
proceeding for amendment.
The Dawei Special Economic Zone Law was also enacted in January 2011.
Revised the exchange regime into a managed floating rate on 2nd April 2012.
Establish a Technical Coordination Team in July 2011. Itis comprise of senior
officials from Myanmar investment Commission, Ministry of Finance and
Revenue, Ministry of Commerce and Ministry of Construction.
Myanmar InvestmentCommission reorganized on 23rd Sept. 2012 and consist
of 11 members who are not only fromGovernment Sector but also from
private sector, academic field and researcher field.
Enacted new FDI Law on 2nd Nov, 2012.

According to the Notification No(70/2012) dated on 23rd September 2012,in order to
monitor the provisions of the existing Investment Laws ,the government of the Republic of
the Union of Myanmar reorganizes the Myanmar Investment Commission as follows:
15
H.E U Soe Thane
Union Minister forPresident Office (3)
Chairman
H.E U Aung Min
Union Minister for President Office (4)
Member
H.E U Hla Htun
Union Minister for President Office (6)
Member
Dr Htun Shin
Union Attorney General
Union Attorney General’s Office
Member
Dr. Aung Htun Thet
Economist
Member
U Nyunt Tin
Ambassador (Retired)
Member
Formation of Myanmar Investment Commission
Source: DICA

16
U Win Khaing
Chairman of the Myanmar Engineering Association
Member
Daw Mya Thuza
Advisor
Member
Daw Khine Khine Nwe
Entrepreneur
Member
H. E U Tin Naing Thein
Union Minsiter for the President Office (5)
Secretary
H. E Thura U Thaung Lwin
Deputy Minister for Rail Transportation
Joint Secretary
Formation of Myanmar Investment Commission (Cont.)
Source: DICA

Responsibilities related to Investment of DICA
As Secretariat Office of the MICAs Secretariat Office of the MIC
Scrutinizing the Investment ProposalsScrutinizing the Investment Proposals
Assisting To Solve The Difficulties On
Investment Issues
Assisting To Solve The Difficulties On
Investment Issues
Provide information to Investors and
coordinate with the relevant Ministries
Provide information to Investors and
coordinate with the relevant Ministries
Business Administration and
Registration
Business Administration and
Registration
Business
Registration
Business
Registration
Business AdministrationBusiness Administration
17

18
Republic of the Union of Myanmar New Foreign Investment Law

Foreign Investment Law
Advantages of New FIL More than Old One
OldFIL New FIL
No specificdefinition on investment Specificdefinition on investment
Not mentionedon restrictedactivities Mentionedon restrictedactivities
As a Form of JV -minimum foreign capital at least 35
%
As a form of JV, foreign capital can be definedby
mutual agreement between local andforeigner
Export Promotion Export promotion and import substitution
No description on rights and obligation of investor Description on rights & obligation of investor
Not mentionedon specificlandlease periodor land use
period
Initial 50 Years for landlease andextendable for 10
years in two times
No specificdefinition on grant of landlease orgrant of
land use
Specificdefinition on grant of land lease orgrantee of
land use
3 years tax holidays 5 years tax holidays
General provision on matters relating to Labor Specificprovision on matters relating to Labor
Official exchange rate Current exchange rate
No time limitation Reply within 15 days whetheraccept or not
Issue MIC permit within 90 days
No description on administrative penalty Description on administrative penalty
No description on dispute settlement Description on dispute settlement 19

Relevant Economic Activities
Economic activities stipulated by MIC with the prior approval of Union
Government.
Totally 11 restricted economic business/activities are designated as follow:-
Business be harmful to traditional culture and customs, public healthand
environment and ecosystem
Business brought the hazardous or poisonous wastes
Factories or business produce or use hazardous chemicals under international
agreements
Manufacturing and Services allowedto carry out by only Citizens
Business which are under experiment or unapproved technologies, medicines,
apparatus equipment
Agricultural business both short or long term, Livestock breeding & Marine
Fishing be allowedto carry out by only Citizens
Not allow to business within 10 miles around boundary line with neighboring
countries , except industry zones approved by MIC
MIC may grant to allow economic activities with the prior approval of the Union
Government for the interest of the State and the People.20

Forms of Investment
100%
Foreign
Owned
Joint
Venture
A Citizen
or
Concerned
Government
Organization
Any System
Included in
the Mutually
Agreed
Contract
1
2
3
21

Form of Investment
100% foreign investment in allowed economic activities are prescribed by MIC
Joint-venture between Foreigner and Citizen or relevant Ministries, Organizations
Business which are conducting under the Mutual Contract Agreement
In carrying an investment under section 9:-
Company may be formed according to existing Law;
If a Joint-venture is formed, the foreign capital and foreign equity ratio can be defined
by mutual contract between Foreigner and Citizens
In carrying out investment by foreigner, the minimum capital has to be defined by
MIC based on business types under a prior approval from the Union Government
If a Joint-venture between foreigner and citizens is to carry out in restricted business,
the foreign capital can be proposed as per rules and regulations of FIL.
The rules and regulations relating to FIL are being discussed and will be issued within
90 days from the date the new FIL was enacted.

Tax Incentives
5 years tax holiday
Further tax exemption/relief for an appropriate period in case if it
is considered beneficial for the State
Exemption or relief from income tax on profit which is reinvested
within one year.
Right to accelerate depreciation in respect of capital assets used
in business, at the rate fixed by the State for the purpose of
income-tax assessment.
Relief from income tax up to 50 percent on the profit from exports.
Right to pay income tax of the foreign employees at the rate
applicable to the citizens of Myanmar.
Right to deduct the research and development expenditure.
Right to carry forward and set off losses up to 3 consecutive
years, from the year the loss is sustained. 23

Guarantees
The Union Government guarantees as follow:-
against nationalization
against termination of investment during the permitted term
to transfer the entitled Foreign Capital to investor on the
expiry of the term of the contract

Right to Transfer Foreign Currency
Through
The Banks that can Operate the Foreign
Banking
Foreign
currency
entitled to by
the person
Foreign
currency
permitted for
withdrawal by
the MIC
Net Profit
Legitimate
Balance
25

Application Procedure for Mining Investment Proposal
26
In vestment
Proposal MICMinistry of MinesAgreement
(Draft)
Map of
Contract
Area
Recommendation
Letters
Company ‘s
Profiles/
Bank
Statement
EIA/ HIA/
SIA/
Environment
Management
Plan

Appointment of Personnel and Employees
appoint Citizens employees, technicians and service personnel for skilled
businesses as follows :
(a) First 2 years 25%
(b) Second 2 years 50%
(c) Third 2 years 75%
Arrange to provide necessaryvocational trainingand practicingtrainingto
Citizen employees in order to upgrade their skills
Appoint only Citizens at the works in which expertise is not required;
Carry out labor recruitment through the Work and Labor Recruitment Office,
local labor recruitment agents or by own arrangement;
Employ, in employing citizen skilled workers, technicians and staff, by signing
the employment agreement mutually between the employer and employee in
accord with the existing Labor Laws and Rules;

Appointment of Personnel and Employees (Cont.)
Grant equitable treatment both Local Citizen employee and Foreign
employee in respect to salary and rights at technician rank.
The foreigners working in permit investment enterprise may apply work
permit certificate , stay permit certificate issued by the State through MIC
Investor shall:-
Make a employment agreement in accordance with the stipulations in
appointing personnel and employees;
Carry out for enjoyable rights contained in the existing Labor Laws and
rules including minimum wages and salary, leave, holiday, overtime fee,
damages, workman’s compensation, social welfare and other insurance
relating to employees in stipulating the rights and duties of employers
Settle the dispute arisen among employers, among employees, between
employers and technician or service personnel in accord with the relevant
existing laws.

Doing Business in Mining Sector

Mineral, Prospecting, Exploration Agreement of
Mining Project
(1) Minerals Prospecting Stage initial 1 year and extendable for 1 year
(2) Minerals Exploration Stage initial 2 years and extendable for 1 year
(3) Feasibility Study Stage initial 1 year and extendable for 1 year
(4) Development & Production State JV between Ministry of Mines and Company
Royalty precious metallic minerals from 5% to 7.5 %
Iron, copper, zin, lead, etc. from 3 % to 4 %
gold, silver, platinum from 4 % to 5 %
Bonus within 30 days after signed agreement
Dead Rent based on period of Mineral, Prospecting, Exploration stages, area
of sites, and type of minerals
- .
30

Production Sharing Agreement of Mining Project
Minerals Prospecting Stage initial 1 year and extendable for 1 year
Minerals Exploration Stage initial 2 years and extendable for 1 year
Feasibility Study Stage initial 1 year and extendable for 1 year
Development & Production State JV with Ministry of Mines and Company
Royalty precious metallic minerals from 5% to 7.5 %
Iron, copper, zin, lead, etc. from 3 % to 4 %
gold, silver, platinum from 4 % to 5 %
Bonus within 30 days after signed agreement
PSC ratio 30 : 70 (Ministry of Mines ratio will be increased, if the production is
increased)
Dead Rent based on period of Mineral, Prospecting, Exploration stages, area
of sites, and type of minerals
31
Full Risk

Doing Business in Myanmar (For Mining
Sector)
Business
MIC Permit Start enjoy incentives
Company
Incorporation
Registration/
Permit
Mode of Doing Business
32
Export/ Import
License
Ministry of
Commerce

Doing Business in Myanmar (For Mining Sector)
Application Procedures for Foreign Investment
33
Preliminary appraisal of proposal
From Investment Information team
Submit proposal
To MIC
Approval from the Cabinet (submit from
Ministry of Mines
MIC grants and approves issuance of
a Permit to carry out business
Latest audited financial accounts
Bank reference and recommendation of
investor’s business standing
Economic justification of the proposed
project
Draft Contract to be executed with the State
organization for the wholly foreign owned
Draft contract between the partners for the
joint-venture
Draft land lease agreement
Draft Memorandum and Articles of
Association
An application for exemptions and relief
defined under Section 21 of the FIL

Procedures and Documentary Requirements for Permit Application
Apply for Permit to Trade from
Ministry of National Planning and
Economic Development
Approval from the EC
Approval from the Cabinet
Application for Permit ( Affixed K.1000/- court fee
stamp)
Application Form A (2) copies
(Duly filledupsigned)
List of intendedbusiness activities that will be
carried out in the Republic of the Union of
Myanmar (To mention only specificbusiness)
Statement of compliance forinitial capital
brought in.
Original Bank statement foreach shareholderor
shareholder Company
Passport copy or NRC copy of each shareholders
and directors.
Memorandum and Articles of Association. (Copy)
Board of Director’s Resolution if shareholderis a
company
34

Procedures and Documentary Requirements for RegistrationApplication
Apply for Registration from
Ministry of National Planning and
Economic Development
Approval from the EC
Approval from the Cabinet
Memorandum and Articles of Association
Declaration of Registration
Declaration of RegisteredOffice
Declaration of Legal Version
List of intended business activities (To mention only
specific business)
Certificate of Translation
List of Directors (Form 26)
Passport copy or NRC copy of each shareholders
and directors.
35

Conclusion
36
Abide the
local laws
upholdhigh
standards
Respect labor
rights
Protect ion &
conservation
environment
In vestment
Proposal
Social
Impact

For More Information
www.dica.gov.mm
www.facebook.com/pages/DICA/365149220225843
37

40
Contact e-mail: chochowynn2011@gmail.com

THE GOVERNMENT OF THE REPUBLIC OF THE UNION OF MYANMAR
MINISTRY OF MINES
THE DEPARTMENT OF GEOLOGICAL SURVEY
AND MINERAL EXPLORATION
FACTS OF JOINT VENTURE PROCEDURES
2012 July

MINISTRY OF MINES
The Ministry of Mines is the government authority responsible for implementation of the policy,
legislation and enforcement of law, Rules and Regulations in the mining Sector.
There are 6 Enterprises and 2 Departments under the Ministry of Mines
1 No(1) Mining Enterprise (ME 1) is to undertake mining, production and marketing of
Antimony, Lead, Zinc, Silver, Iron, Titanium and Copper ores.
2 No(2) Mining Enterprise (ME 2) is responsible for mining, production and marketing of
Gold, Platinum, Tin, Tungsten, Molybdenum, Niobium, Columbium, Heavy mineral and
Gold ores.
3 No(3) Mining Enterprise (ME 3) is responsible for productions and supply of industrial
raw minerals such as Barites, Bauxite, Bentonite, Gypsum, Limestone, Dolomite, Clay,
Manganese and Coals.
4 Myanmar Gem Enterprise (MGE) is responsible for mining and marketing of various
precious Gemstones and Jade.
5 Myanmar Pearl Enterprise (MPE) handles breeding and cultivating of mothers of Pearl,
and production of Pearl.
6 Myanmar Salt and Marine Chemical Enterprise (MSMCE) is responsible for production
and marketing of common Salt, esporn salt, marine chemical and soda ash.
7 Department of Mines is responsible for administration of mineral policy and planning
mineral legislation, mine inspection and safety, mineral conservation and environmental
conservation.
8 Department of Geological Survey and Mineral Exploration (DGSE) is responsible for
country wide geological mapping, mineral prospecting and mineral exploration.

The policy of the Ministry of Mines is not to make new investment on its own, but to
encourage foreign and local investors to invest in the mining Sector.
At present the Ministry of Mines has licensed to the existing mines and large deposits to
the local investors for production.
Foreign companies or Investors shall have to start from the grass root exploration at the
interest potential areas if they desire.
INVESTMENT OPPORTUNITY (JOINT VENTURE)
1988 Union of Myanmar Foreign Investment Law
1994 Union of Myanmar Mines Law
1996 Rule relating to Mines Law
To invite participation in terms of technical know-how and investment from sources with
in the country and abroad.
Now Myanmar Foreign Investment Law and Myanmar Mines Law are revised to fulfill the
present situation and will submit to the Pyithu Luttaw (Parliament) in near future.
CATEGORIES OF MINING PERMITS
1. Prospecting Permits - 1 yr (4200 sq.km.)
2. Exploration Permits - 1 yr ( 3150 sq. km.)
(Extendable 2 times)
3. Feasibility Study - 1 yr
4. Large Scale Mining Permit - 25 yrs
- Funds required to conduct the prospecting, exploration and feasibility study shall borne by
the investor 100% at his own risk.
Signature Bonus - US $ 50000 to 100000
Performance Bank Guarantee - US $ 100000 to 200000

Tax Regime in the Mineral Sector in Myanmar
• Dead Rent
• Dead Rent according to the type of operations is shown in the table on page 87 Section
115 of Myanmar Mines Rules. Surface Rent is payable to the Department of Mines after
acquiring Land Lease. The rent levied is minimal.
• Royalty
For metallic minerals is 3 to 4 %
For Precious mineral is 4 to 5 %
For Gems and Jade is 5 to 7.5%
For Industrial mineral is 1% to 3%
- as prescribed in chapter 6 of the Myanmar Mine Law.
- Royalty is levied on value of mineral sold. It is a sale based royalty and not a
production based royalty. (Refer section 115 of the Myanmar Mines Rules)
Royalty may be exempted or relief may be given by the Ministry of Mines.
Production Sharing Contract (P.S.C) System
1. Ministry of Mines has practiced the Production Sharing Contract (PSC) system in mining.
2. In the production sharing types of agreement the investor shall have to contribute 100% of
investment in which case the government would expect a share of the production and a
production sharing will be signed with sharing ratio to be agreed upon between the parties.
3. The Production Sharing Ratio is based on the mineral commodity like Gold, Copper, Lead,
Zinc, Tin, Tungsten, Nickel, Manganese, Industrial Raw Mineral and Coal etc. and as well
as based on the current LME ( London Metal Exchange) prices.
4. The Production Sharing Ratio has to negotiate with concerning Mining Enterprises when
the Foreign Company is proposed for Mining.

• At present, a Chinese Companies, namely Myanmar-china Non-ferrous Metal & Mining
Co., Ltd is cooperation with No.(3) ME on Production Sharing Contract (P.S.C) basis for
Nickel Mining at Tagaung Taung at Mandalay Region.
• One Thai Mining company, namely, Myanmar-Pongpipat Co., Ltd is cooperation with
No(2) Mining Enterprise on production sharing contract (P.S.C) basis for tin mining at
Heinda mine at Tanintharyi Region
• A Vietnamese company, Simco Songda is cooperation with No (3) Mining Enterprise on
production sharing contract (P.S.C) basis for Decorative Stone mining at Nay Pu Taung at
Rakhine State.

Procedures for the Foreign Investment in Mining Sector
in the Republic of the Union of Myanmar
1. Foreign company has to send request letter for a courtesy call to the Union Minister for the
Ministry of Mines through the respective Embassy in Myanmar to Ministry of Foreign Affairs to
the Ministry of Mines officially.
2. The Union Minister or responsible personnel from the Ministry will meet the company. At
the meeting the investor can discuss the opportunities of investment in Mining sector at Myanmar
and mention the interest mineral and area to be implemented.
3. Field visit will arranged if requested by the investor or company and technical discussion
will be made for the assistant of site visit.
For the field site visit the following documents are required:
(1) Proposal letter (submit in 2 weeks ahead of the trip schedule)
(2) Tentative Field trip schedule
(3) Recommendation letter from the Embassy of the concerning country
(4) Letter of undertaken for each personnel of the group
(5) Individual Passport copy
4. After the field visit, the investor decide to invest in Myanmar, a proposal or letter of
intention must be submit to the Ministry of Mines and copy to Department of Geological Survey
and Mineral Exploration(DGSE). Proposal should clearly mention the area with coordinates,
kinds of mineral, proposed activities (prospecting, exploration, feasibility study), capital
investment, technical know how, methods apply for operation, duration and general terms
preferred by the company.
5. Mineral prospecting, exploration and feasibility study are concerned to DGSE.
6. The following documents are required with the proposal:
(a) Company Registration
(b) Company Profile and other relevant facts about the company

(d) Recommendation and endorsement of the respective Embassy in Myanmar
(e) Financial bank statement
(f) List of the Board of Directors
(g) Initial work programme
(h) Map of the proposed area with coordinates.
7. After the approval of the Ministry of Mines, the investor shall have to negotiate with
DGSE for the preparation of the Agreement Draft. DGSE will provide the Agreement Draft model
which is already accept by the Ministry and all the information about financial matter.
8. The investor prepares the Agreement Draft and submits to DGSE, which should consist of
Signature Bonus, Dead Rent, Performance Bank Guarantee and minimum expenditure etc.
9. DGSE will submit the Agreement Draft to the Scrutinizing Committee of the Ministry for
assessment.
10. After the approval from the Scrutinizing Committee DGSE will submit to the Ministry and
from Ministry it will send to the Union Attorney General Office and the Office of the Auditor
General of the Union for their recommendation.
11. At this stage the company needs to apply the following recommendation documents;
(a) Recommendation letter from concerning State/ Region Government
(b) Recommendation letter from Township Administrative Department
(c) Recommendation letter from the Township Forestry Department
(d) Recommendation letter from Township Land Record Department.
12. After the completion of all the require recommendation documents the proposal and the
Agreement Draft will send to the Myanmar Investment Commission (MIC).
13. While submitting to the MIC the company shall has applied for the company registration
to the Department of Investment and Company Registration under the Ministry of Economic and
National Planning.

13. After the approval of the MIC it will send to the Cabinet and after the approval of the
Cabinet MIC will issue the Investment Permit.
14. DGSE and the Investor or the Company will make singing on the Agreement and the
Ministry of Mines will issue the respective Prospecting, Exploration, and Feasibility Study Permit.
15. The company shall have to conduct the work programme within a month.
16. If the company wants to extend the period, submit prior in 3 months before the termination.
17. The company must return back all the permits issued by MIC and the Ministry of Mines
within a month after the termination of the Agreement.
18. To proceed for the production the company has to contact to the concerning Enterprises.

DOCUMENTS REQUIRE FOR SITE VISIT
1. Proposal letter (submit in 2 weeks ahead of the trip schedule)
2. Field trip schedule
3. Recommendation letter from the Embassy of the concerning country
4. Letter of undertaken for each personnel of the group
5. Individual Passport copy
• Proposal letter submit to the Ministry of Mines and copy to DGSE.
• Two geologists will accompany and assist during the site visit
DOCUMENTS REQUIRE FOR THE PROPOSAL
1. Proposal letter address to the Union Minister, the Ministry of Mines, mention the Mineral
and area of interest.
2. Attached map with the area and their coordinates.
3. Recommendation letter from the Embassy of the concerning country
4. Company registration
5. Company profile
6. List of Board of Directors
7. Bank Statement
8. Project Investment
9. Initial Work Plan

E:JVFacts of JV ProcedureRATE OF DEAD RENT.doc
RATE OF DEAD RENT (Kyat / Sq. Km.)
Prospecting Exploration Feasibility Study Development
Sr
Mineral
Commodity 1st
year 2nd
year 1st
year 2nd
year 3rd
year 4th
year 5th
year 1st
year 2nd
year 1st
year 2nd
year 3rd
year
Production
up to 20
years
1 Industrial
Raw Mineral
(Coal, Lst, etc)
50,000 100,000 100,000 200,000 400,000 600,000 800,000 800,000 1,200,000 1,400,000 1,600,000 2,000,000 2,000,000
2. Metal
(Cu, Pb, Zn, Sb,
Sn-W, Fe, Ni,
Cr, Mn, etc)
100,000 200,000 200,000 400,000 800,000 1,200,000 1,600,000 1,600,000 1,600,000 1,800,000 2,100,000 2400000 3,000,000
3. Precious metal
(Au, Ag, Pt, Ta,
Nb etc)
200,000 400,000 400,000 800,000 1,600,000 2,400,000 3,200,000 3,200,000 3,200,000 3,600,000 4,200,000 4,800,000 6,000,000

E:JVFacts of JV ProcedureRATE OF DEAD RENT.doc
RATE OF DEAD RENT (US$ / Sq. Km.)
Prospecting Exploration Feasibility Study Development
Sr
Mineral
Commodity
1st
year 2nd
year 1st
year 2nd
year 3rd
year 4th
year 5th
year 1st
year 2nd
year 1st
year 2nd
year 3rd
year
Production
up to 20
years
1 Industrial
Raw Mineral
(Coal, Lst, etc)
62.5 125 125 250 500 750 1000 1000 1500 1750 2000 2500 2500
2. Metal
(Cu, Pb, Zn, Sb,
Sn-W, Fe, Ni,
Cr, Mn, etc)
125 250 250 500 1000 1500 2000 2000 2000 2250 2625 3000 3750
3 Precious metal
(Au, Ag, Pt, Ta,
Nb etc)
250 500 500 1000 2000 3000 4000 4000 4000 4500 5250 6000 7500

7/8/2017 Is Myanmar about to experience an exploration boom? - AusIMM Bulletin
https://www.ausimmbulletin.com/feature/is-myanmar-about-to-experience-an-exploration-boom/ 1/12
POSTED JUNE 2016
Is Myanmar about to experience an
exploration boom?

By Dr Nicholas J Gardiner, Research Fellow, Centre for Exploration Targeting – Curtin Node, Department of Applied Geology, Western Australian School
of Mines, Curtin University; and John P Sykes MAusIMM, Provisional PhD Candidate & Adjunct Research Fellow, Centre for Exploration Targeting,
School of Earth & Environment, The University of Western Australia and Director, Greenﬁelds Research Ltd
Production, potential and geopolitics in an important new minerals search space
Myanmar (Burma) has recently appeared on the radar following the media coverage of its crucial November 2015 elections. This unprecedented
democratic process resulted in a stunning victory for Nobel Laureate Aung San Suu Kyi’s National League of Democracy (NLD) party, and led to The
Economist naming Myanmar as its ‘most favoured nation’ for 2016 (‘Most Favoured Nation’, 2015).
The Kyaukpahto Gold Mine, Sagaing Division.
One of the largest countries in South-East Asia, Myanmar is by most measures also one of the poorest, a result of an oppressive military regime that
pursued a policy of political and economic isolation over much of the last 50 years. However, in the early 20th century, Myanmar was one of the wealthiest
countries in the region. It boasted a signi cant minerals industry, and was a major producer and exporter of tin, tungsten, lead, zinc, copper, nickel and
silver. However, since the early 1960s the minerals industry in Myanmar – mirroring much else about the country – has suffered signi cant decline.

Today, Myanmar’s mining sector is effectively an artisanal industry, accounting for less than 0.1 per cent of Myanmar’s GDP; however, signi cant potential
remains for its redevelopment. The upside of the long-term decline is that many of the country’s major mines have not been mined out, and are
candidates for rehabilitation. Further, much of the country has not been explored with contemporary techniques and remains a new search space for a
range of commodities. Figure 1 shows a map of Myanmar with primary metal showings, and major mines (Gardiner et al, 2014).

The potential for Myanmar to act as a ‘game changer’ in the global mining industry was demonstrated in 2014, when Myanmar emerged as the world’s
third biggest tin producer, apparently experiencing a 5-year-on-year growth of over 4000 per cent by ITRI gures (Figure 2; Gardiner et al, 2015). The
impact of this is still being felt within the tin markets. Although there remains considerable uncertainty about the medium-term trajectory of its
indigenous tin industry, allied with concerns over the validity of the production data, the story nevertheless exempli es how Myanmar has the potential to
make a global impact within the metals sector.
So, given the recent election result, it is timely to ask: what does the rise of the NLD and the prospect of a democratic step-change mean for Myanmar,
and how might that be re ected in the potential for minerals exploration and production within the country?
An antiquated mining industry

An antiquated mining industry
Myanmar’s contemporary mining industry is modest, producing small amounts of copper, gold, lead, nickel, tin, tungsten and zinc (Fong-Sam, 2014). The
industry still relies on antiquated geological data, much of which dates back to the colonial era. Resource estimations and grades are imprecise, and often
use archaic units. Much of the country still requires geological mapping. Mining and production practices are in general obsolete. Over the past 40 years,
several international missions have attempted to improve the regional and local geological knowledge of the country, including the United Nations (1960s
and 1970s), the German BGR (1970s), and Australian-led efforts in the 1980s.
Environmental and social concerns remain (Moody, 1999). Many operations are artisanally mined by local people, often in brutal conditions. Processing
plants are often antiquated with insuf cient environmental precautions; mine closure may just amount to locking up and leaving. Mining practice is thus
still precarious. Only recently (November 2015) two major landslides within the Jade Mines area in Kachin State reportedly killed in excess of 100 people.
The highest-pro le Western company recently operating in Myanmar was Ivanhoe Holdings, which co-owned the Monywa copper mine in partnership
with the domestic Union of Myanmar Economic Holdings – a company with links to the military government. Ivanhoe divested Monywa in 2011, selling on
to China North Industries, which is currently developing the adjacent Letpadaung deposit. This expansion operation forced the expulsion of local villagers
from their land, leading to protests that culminated in 2013 with a police crackdown on civilian protestors, injuring nine and killing one. This led to a major
government inquiry, and the case has served to highlight the issue of human rights abuses associated with mining operations in the country, not least to a
newly-aware domestic audience.

The historic Pagaye hard rock tin-tungsten mine near Dawei. Pagaye was developed by the British;
although the underground was ooded in 2014, the old pit head can be seen.
The burden of history
Myanmar’s present problems stem from its troubled history in the mid- to late-20th century. The then Burma achieved independence from Britain in 1948
but the edgling democracy suffered a military coup in 1962. The new military ruler, General Ne Win, who remained in control until 1988, enacted the
‘Burmese Way to Socialism’ in 1964, leading to the wholesale nationalisation of swathes of Burmese industry, including mining. This marked the start of a
severe economic decline.

The 2010 elections were boycotted by the NLD, although that year Aung San Suu Kyi was released from house arrest. In 2011 new military ruler General
Thein Sein, a relative moderate, began to free up the economy and political order, leading to economic sanctions being temporarily lifted by the USA,
Japan, Europe, Canada and Australia in 2012.
The recent November 2015 elections were apparently contested fairly, handing the NLD a substantial victory. This mandate gives them the promise of a
suf cient majority to overrule the military, although creating unity within the country is likely to be the biggest challenge facing Aung San Suu Kyi and the
NLD. The goal is thus to manage economic and political transition to a functioning democracy whilst keeping various regional and ethnic parties onside,
and noises suggest some desire for a political solution involving a united Myanmar. From the perspective of the mining sector, uniting an ethnically
divided Myanmar is one key factor that may encourage more foreign investment. Access to many parts of the country, some rich in mineral potential,
remains restricted in many cases due to issues of ethnic tension and national security.
As it starts to open up, Myanmar faces a signi cant geopolitical tussle between a recent link with China – which has a reasonably porous border with the
country, and in uence within the military – and a desire to look towards the rest of the world: principally South-East Asia (it is a member country of
ASEAN), and the West. Myanmar lies at a key crossroads between China, India, South-East Asia and the Indian Ocean.
A diﬃcult place to operate
Myanmar remains a challenge for any potential foreign investors, regardless of industrial sector. The country rated poorly in the 2015 World Economic
Forum (WEF) Global Competitiveness report, ranking 131 out 140, between Madagascar and Venezuela (Schwab and Sala-i-Martin, 2015). In the World
Bank’s 2016 Doing Business report it ranked 167 out of 189, between Sao Tome and Principe and Mauritania (World Bank, 2015). Access to nancing, a
poorly educated workforce, political instability, tax complexity, weak bureaucracy and inadequate infrastructure were all highlighted as problems by the
WEF. The World Bank highlighted issues with contract law, minority shareholder protection, access to credit, insolvency protection, and dif culties in
starting a business, all as impediments to doing business in Myanmar. Corruption is a major problem; the 2014 Transparency International Corruption
Perceptions Index ranks Myanmar 156 out of 174, between Cambodia and Zimbabwe (Transparency International, 2013).

Artisinal tin mining near Dawei.
A number of challenges speci cally face the mining sector. Much of the mining industry is still centrally controlled by the government and military
subsidiaries. This may present potential problems with cronyism and the necessity of dealing with military-linked individuals, some of which may be on
the US government blacklist. Myanmar actually performs modestly well in the latest Fraser Institute ‘Annual Survey of Mining Companies’ 2014 ranking 46
out of 122 jurisdictions (Wilson et al, 2014), just above Ghana, although much of this is due to the country’s high ranking (24) in mineral potential. Its
minerals policy environment is seen less favourably, ranking 64, and it is amongst the top ten jurisdictions with room for improvement in minerals policy.
Regulatory uncertainty, bureaucracy, weak land claims and taxation complexity, in addition to poor infrastructure, political instability and a lack of skilled
labour, are highlighted as problems for the mining sector.
The road to progress

The road to progress
Since Myanmar began its political and economic opening up in 2012, there have been some positive reforms that encourage general business and mining
investors. In 2012 the Myanmar Kyat (MMK) was oated. Myanmar became a candidate country in 2014 of the Extractive Industries Transparency Initiative
(EITI), with the requirement to publish its rst EITI report in 2016 to become accepted as a full member. Successful completion of this will go some way
towards providing foreign investors with reassurance and a process pathway for investment. Local non-governmental organisations (NGOs), such as the
Myanmar Centre for Responsible Business (MCRB), are also preparing advisory documents for foreign investors interested in the country’s mineral sector.
But the most recent positive note for the mining sector is the passage of a new mining act signed in December 2015. This has been under revision for over
two years and was a signi cant source of uncertainty for foreign minerals investors. The new Act provides some alternatives to the existing Production
Sharing Contract (PSC) model , a discouraging factor for foreign investors. The PSC requires production licence holders to share up to 32 per cent of the
minerals produced (or cash equivalent) on a free-carried basis, and on top of government royalties. The net result was to render many projects
uneconomic. The new mining act appears to offer two alternatives, either pro t-sharing with the government, or equity-participation (possibly with co-
funding) in addition to royalties of 2 to 5 per cent.
Other mining law amendments are to offer foreign investors the ability to joint-venture with small- to medium-sized mine operators in the country by
converting existing domestic small-scale production licences to larger-scale, and exibility in the extension of production licences up to 50 years. It also
reportedly contains some clauses on environmental and social concerns, including the introduction of the requirement to post an environmental bond to
provide for post-closure mine rehabilitation. Though details have yet to be con rmed, and it is premature to assess its impact on external investment, the
signing of the new mining law should be seen as a positive step for foreign investors. It will however be in the details and practical implementation of the
act that will determine whether it is an aid to foreign investors. Draft regulations for the law containing speci c details on tenure size and fees, the nature
of the government participation, the structure of the various local administrative bodies, and social and environmental requirements should be published
in 2016.
The sudden rise of Myanmar’s tin industry
The potential of Myanmar’s mining industry has been emphatically emphasised by the sudden growth of tin production. Tin mine production increased by
some 4900 per cent over the last ve years (Gardiner et al, 2015), and seems likely to have risen again in 2015 pending full-year data. At this level Myanmar
is the third largest global tin producer, after China and Indonesia, producing over ten per cent of the world’s mined tin. This dramatic rise in production
surprised analysts and is perhaps one of the contributing factors to the depression of tin prices since 2014.
Myanmar is known to have great potential for tin mining, principally within the traditional tin producing region of Myanmar’s deep south. However, the
new tin production increase comes from the Wa State in the north of the Shan States, an ethically Chinese, autonomous state bordering Yunnan province.
Wa is not recognised, nor controlled, by the central Myanmar government, and ghting frequently breaks out between local and national Burmese forces;

the most recent incident was July 2015.
Summary
The Burmese mining industry remains hugely diminished, but its lack of recent development means that as well as a whole new exploration space for a
range of commodities, known existing deposits are still viable for rehabilitation. Myanmar’s mining sector, and mining professionals, would bene t hugely
from foreign investment and know-how, and improved technology. The rehabilitation of Myanmar’s minerals industry could be hugely bene cial to a
country that is starting to re-emerge on the world stage, and which needs to grow and rebuild its economy. In common with many emerging jurisdictions,
a lack of knowledge of both its domestic potential, and of international law and foreign relations, may hamper Myanmar’s ability to properly harness its
natural resources. This is compounded by a lack of skills, knowledge and poor infrastructure. Although uncertainty over the political process and
trajectory means that outside investors will still consider it a high-risk jurisdiction, some juniors feel rst-mover advantage is worth the risk as they seek
to re-explore this beautiful land.
References
‘An Un nished Peace’, 2015. The Economist, 16 Nov. http://www.economist.com/blogs/graphicdetail/2015/11/myanmar-graphics [Accessed: 27 Jan 2016]
Fong-Sam Y, 2014, 2012. Minerals Yearbook: Burma, United States Geological Survey (USGS), [online],
http://minerals.usgs.gov/minerals/pubs/country/2012/myb3-2012-bm.pdf
Gardiner NJ, Robb LJ and Searle MP, 2014. The metallogenic provinces of Myanmar, Applied Earth Science (Trans. Inst. Min. Metall. B), vol 123, no 1, pp. 25-
38, http://dx.doi.org/10.1179/1743275814Y.0000000049
Gardiner NJ, Sykes JP, Trench A and Robb LJ, 2015. Tin mining in Myanmar: Production and potential. Resources Policy, vol 46, pp. 219-233.
http://linkinghub.elsevier.com/retrieve/pii/S0301420715000938
Moody R, 1999. Grave Diggers: A Report on Mining in Burma. Canadian Asia Paci c Resource Network, Vancouver.
‘Most Favoured Nation’, 2015. The Economist, 19 Dec. [online] http://www.economist.com/news/leaders/21684157-which-country-improved-most-2015-
most-favoured-nation [Accessed: 27 Jan 2016]
Transparency International 2013. Corruption Perceptions Index, Berlin, Germany. [online] http://www.transparency.org/cpi2013/ [Accessed: 4 Jun 2015]
Schwab K and Sala-i-Martin X, 2015. The Global Competitiveness Report 2015 – 2016, Full Data Edition. World Economic Forum [online]
http://www3.weforum.org/docs/gcr/2015-2016/Global_Competitiveness_Report_2015-2016.pdf [Accessed: 27 Jan 2016]
Wilson A, Cervantes M and Green KP, 2014. Annual Survey of Mining Companies 2013, Fraser Institute, Vancouver, Canada. [online]
http://www.fraserinstitute.org/research-news/display.aspx?id=20902 [Accessed: 4 Jun 2015]

World Bank, 2015. Doing Business 2016: Measuring Regulatory Quality and Ef ciency. [online] http://www.doingbusiness.org/reports/global-
reports/doing-business-2016 [Accessed: 27 Jan 2016]

Myanmar – Mining sector – Snapshot
August 2015
This snapshot has been prepared by Austrade to provide you with an overview of the market potential in specific
sector to assist with a possible decision to commission further market research work.
Overview
Myanmar has a diverse and largely untapped geological resources which will make mining a significant driver of
the country’s economic development in the decades to come. While the government has not allowed for foreign
investment into jade and ruby mine, with right investment environment Myanmar has the potential to attract large
scale foreign participation in the exploration and extraction of metals, ores and industrial minerals, especially
copper, tin, tungsten, nickel and gold.
The new mining law has been drafted and submitted to
Parlianment in late 2014 has been expected by industry for a
number of years. The statute and regulations are expected to
clarify a number of important concerns of investors including equity
and land ownership limits, taxation arrangements and include a raft
of incentives. It is anticipated that the new law will bring greater
fairness, transparency and efficiency to mining businesses, offering
equal treatment for all investors and present them with clear
guidelines for pursuing permits and licences. Some market players
are calling for integrated licenses or automatic triggers, such as the
discovery of exploitable deposits, to assure investors that
successful exploration would automatically allow for production.
Due to the importance of the country’s natural resources, the
passage of the law through the parliamentary process has required
extensive negotiations to ensure its acceptance at national as well
as regional levels. With recent flooding in parts of the country
delaying the sitting of parliament and with the November 2015
elections now locked in, it is still unsure when the bill will be
finalised. Once the law is passed, the Ministry of Mines will have
90 days to prepare and finalise the mining regulations which will
accompany the law.
Notwithstanding the delays to the new law, due to opportunities
that Myanmar has to offer, many international mining firms are
already visiting Myanmar, studying its geology and applying or
preparing to apply for exploration licences. International producers
of mining equipment are likewise establishing a presence in
anticipation of a boom.

August 2015 Sector Snapshot
Ministry of Mines (Myanmar)
The Ministry of Mines is the administrative body responsible for the mineral sector. All naturally occurring
minerals found above ground or underground within the sovereignty of the State, as well as all naturally
occurring minerals found in the continental shelf, are State property of Myanmar.
The organisational structure of the Ministry of Mines is as follows:
Myanmar Ministry of Mines
Mining operations in Myanmar
There are strict procedures required for foreign companies wishing to conduct mining exploration or production
anywhere in Myanmar. Companies are required to send a courtesy letter of to the Ministry of Mines through their
respective embassy in Myanmar. The union minister, or responsible officials will discuss investment opportunities,
with a particular focus on the mineral commodity and targeted areas. Once a technical discussion has taken
place, a site visit can be arranged. A recommendation letter from the respective embassy, letter of undertaking,
tentative site visit schedule and passport copies are required for submission to the Ministry of Mines two weeks in
advance of visits. Following the site visit, if the party has decided to invest in Myanmar, a proposal should be
submitted to the Ministry of Mines, with copies sent to all relevant departments. Mineral prospecting, exploration
and feasibility studies are the responsibility of the Department of Geological Survey and Mineral Exploration.
Other mining enterprises are responsible for the operation and production stages. After receiving approval from
the Ministry of Mines and submitting all required documentation, the proposal and agreement draft are sent to the
Myanmar Investment Commission for an investment permit.
Current Activities - Monywa copper project
One of the two large Chinese mining projects in Myanmar, the US$1bn Monywa copper project, backed by
Wanbao Mining, a diversion of the Chinese state military-industrial conglomerate, Norinco is the major investment
project in the country. Dating back to 1992, the Canadian firm Ivanhoe Mines began negotiations with Ministry of
Mines to take over a working mine in the Sagaing region, west of Mandalay. They completed the first phase in
1998 which included cluster of mines at Sabetaung and Kyisintaung and a refinery, however Ivanhoe was later
forced by international sanctions to announce in 2007 that it was quitting the project. Wanbao took over in 2011 in
a 50:50 joint venture with Union of Myanmar Economic Holdings (UMEHL), a Myanmar military company. Initially
planned by Ivanhoe for the second phase, Wanbao has planned US$1bn investment into developing another,
larger mine and refinery at nearby Lepadaung with an annual capacity of 100,000 tonnes.
However completion of the Lepadaung mine has been repeatedly delayed by local protests, mainly over claims
that relocated villages had been inadequately compensated and that area residents would see too little benefit
Department
of
Geological
Survey and
Mineral
Exploration
No. 1
Mining
Enterprise
No. 2
Mining
Enterprise
No. 3
Mining
Enterprise
Myanmar
Gems
Enterprise
Myanmar
Pearl
Enterprise
Minister
Myanmar
Salt and
Marine
Chemical
Enterprise
Deputy Minister

August 2015 Sector Snapshot
from the mine. In 2012, Wanbao and the Myanmar government responded to the protests by announcing a
renegotiation of the licence for the Lepadaung mine. President U Thein Sein has also asked opposition leader
Daw Aung San Suu Kyi to lead a parliamentary review of the project, and she came out in 2013 in favour of
completing it. Protests started again where three Chinese employees of a contractor were briefly kidnapped in
May 2014. Since then, protests appear to have calmed as Wanbao paid additional compensation to relocated
villagers and stepped up community relations spending.
Outlook
Given the country’s rich geological endowment and central location between China, India and the rest of ASEAN,
the Myanmar mining sector is expected to grow in the coming years once investor friendly laws and regulations
are enacted. Sizable new exploration and production projects will be approved and get under way in the next few
years covering minerals such as copper, tin, tungsten, nickel and gold.
Austrade estimates that there are a number of potential commercial opportunities in the sector including:
 Mineral exploration and development – medium to large scale
 Mining equipment, technology and services - surveying and test drilling services
 Environmental technology and services
 Vocational training and skills development
 Capacity building within government agencies
Myanmar is in a position to learn from other emerging markets that have adopted new mining laws to encourage
foreign investment such as Mongolia and Indonesia. As a relative latecomer, Myanmar is in the rare position of
having a wealth of examples from which to develop its own mining code and practices. With its vast mineral
deposits, the decision to pass or reject the proposed new mining law will be the first of many challenges for
Myanmar to overcome.
As with most developing economies, Myanmar faces a number of environmental and infrastructure difficulties for
mining companies including monsoonal flooding and road/air access to remote areas. Other challenges include
the education and skills of staff and although telecommunications has improved, it still remains a problem in many
parts of the country.
Additional information
Myanmar is a signatory to the ASEAN Australia New Zealand Free Trade Agreement (AANZFTA), where the
importation of some products from Australia enjoy preferential rates.
The Austrade AANZFTA Tariff Finder provides an easy reference for Australian exporters wanting to know what
the applicable tariff rate is for their products. Further details on specific tariffs to Myanmar can be found at –
http://aseantariffs.austrade.gov.au/tariff-finder/
Contact Details
Danny Kyaw
Business Development Manager
Austrade Yangon
danny.kyaw@austrade.gov.au
Disclaimer: Austrade does not accept liability for the accuracy or usefulness of any information contained in this report which has been
sourced from a range of publically available material. Austrade does not accept liability for any loss associated with the use of this
information and any reliance is entirely at the users’ discretion.

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Overview of Myanmar’s Mining Industry
Contents
1. Overview
2. Major Producers
3. Opportunities
4. Challenges
5. Links
Wikipedia Summary
Overview
Myanmar has diverse and largely untapped geological resources which will make mining a significant driver of the country’s economic development in the decades to come.
While the government has not allowed for foreign investment into jade and ruby mine, with right investment environment Myanmar has the potential to attract large scale foreign participation in the exploration and extraction of
metals, ores and industrial minerals, especially copper, tin, tungsten, nickel and gold.
The government of Myanmar once owned all of the country’s gold mines, but following the fall of the junta in 2011, many of them were sold off to private owners.

Following five decades of rule by socialist and military governments, under which the country became one of the least developed countries in the world, a new chapter of Myanmar’s engagement with the international
community has begun.
Mining is the third largest recipient of foreign direct investment in Myanmar. The industry exported approximately US$1.5 billion in the 2013–14 financial year.
and one-fifth of children in poor families are not enrolled in primary education.
The country’s leadership are hoping that a new law governing the sector, which is expected to be introduced within weeks, will generate newfound confidence among investors, many of whom have held back due to a lack of
reliable data and concerns about past practices.
Myanmar plans to join the Extractives Industries Transparency Initiative (EITI), a global group made up of governments, businesses and other representatives, which aim to improve accountable management of revenues from
natural resources.
For many years, due to sanctions imposed by the US, EU and other Western countries, China has been the primary investor and buyer in the minerals sector. This has left Myanmar little in the way of flexibility, with no room to
exert leverage across the sector.
The Minister of Mines Myint Aung advises, “Nowadays, we are in a position to invite investors with advanced technology and reliable investment from any country,”. “Although exploration activities will have many challenges, the
mining industry has the potential to drive economic growth, while fostering foreign investment.”
Foreign companies able to apply for exploration and exploitation licenses, but are encouraged to partner with Myanmar companies.
Energy and Mining account for 55% of Myanmar’s exports.
Major Mineral Producers
Monywa copper project
M Wanbao Copper
Yang Tse Copper
Wanbao Mining Copper
CNMC Nickel China Ferro Nickel
Yan Tse Copper
Simco Song Da Marble
Nobel Gold Hong Kong Gold
North Mining Investment China Ferro Nickel
Pongpipat Tin
Conerstone Resources Australia Zinc
Opportunities
Given the country’s rich geological endowment and central location between China, India and the rest of ASEAN, the Myanmar mining sector is expected to grow in the coming years once investor friendly laws and regulations are
enacted. Sizable new exploration and production projects will be approved and get under way in the next few years covering minerals such as copper, tin, tungsten, nickel and gold.
The Minister of Mines advises Myanmar is looking for advanced technology to increase productivity including:
Mineral exploration and development
Medium to large scale equipment, technology and services
Surveying and test drilling services,
Environmental technology and services,
Vocational training and skills development
Many international mining firms are already visiting Myanmar, studying its geology and applying or preparing to apply for exploration licences. International producers of mining equipment are likewise establishing a presence in
anticipation of a boom
The new mining law has been drafted and submitted to Parliament in late 2014 has been expected by industry for a number of years. It is anticipated that the new law will bring greater fairness, transparency and efficiency to
mining businesses, offering equal treatment for all investors and present them with clear guidelines for pursuing permits and licences
The statute and regulations are expected to clarify a number of important concerns of investors including equity and land ownership limits, taxation arrangements and include a raft of incentives.

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Another advantage of the still impoverished nation is to be conveniently located between China and India, which are international economic growth’s engines and hungry consumers of raw materials.
Challenges
Myanmar simultaneously faces three distinct types of challenges in mining project areas — conflict over land, violent opposition to resource exploitation and environmental problems.
As with most developing economies, Myanmar faces a number of environmental and infrastructure difficulties for mining companies including monsoonal flooding and road/air access to remote areas
The country is currently ranked 150 out of 187 on the United Nations Human Development Index. A quarter of its citizens live below the poverty line, child mortality is higher than in comparable neighbouring countries in the
region because of the lack of skilled health workers
The early stage of mine development means it still lacks modern surveying techniques
Historical geological data is difficult to source
Connectivity to outside world- courier/internet needs modernizing
Accredited sampling labs are non-existent
There is discussion regarding banning exports of ore, coal and gold, to ensure that processing is done in-country.
Links
Dept. of Geological Survey and Mineral Exploration (http://www.mining.gov.mm/DGSE/Default.asp)
The Myanmar Federation of Mining Association (MFMA) (http://www.mfma.org.mm)
Myanmar Ministry of Mines (http://www.mining.gov.mm/Minister_Office)
Stephenson Harwood Singapore Legal Consultants (http://www.shlegal.com)
Mining Myanmar 2016, October 13-16 (http://www.miningmyanmar.com)
Canadian Trade Commission Service (http://tradecommissioner.gc.ca)
Economic Development Canada (http://www.edc.ca)
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-To minimize the mineral losses and be effective production by advanced
technologies for mineral resources of state.
- To minimize the environmental, Socioeconomic
and Health impact ( EIA) (SIA) & (HIA)
- To offer a balanced approach to mineral development that considers a range of
interests while supporting a competitive economic climate for the mineral sector.
3

Access to untapped world-class mineral resources and a geo-
strategic location
Undergoing political and economic reforms, which will
attract more foreign trade and FDI once the laws are in place
The first three SEZs will set up in Thilawa, Kyaukphyu and
Dawei
Situated between China and India, the two biggest power in
Asia and on the border of South and South-East Asia
4

Blessed with mineral wealth.
Held emporiums and special sales for Jade, Gems and Pearls
since 1964 with the pricing based on Foreign Currencies ( sell
through tender or competitive bidding ).
Extensive mineral occurrences and well established centuries-
old mining industry. ( such as Namtu Bawdwin lead zinc
Mines started since the 15th century, Mawchi tin-tungsten
Mines started before 2nd world war )
The world largest Jadeite-jade deposits are found.
Mogok, known as the Land of Rubies since 13rd Century.
Mineral potential remains unrealized and resourcesare very
much underutilized.
5

6
Sr. Company Type of Mineral
1.
Conerstone Resource (Myanmar) Ltd
( Australia )
Zinc Ore
2. Myanmar Ponepipet Co.,Ltd (Thailand) 72% Tin Concentrate
3.
Myanmar CNMC Nickel Co.,Ltd
( China )
Ferronickel
4.
Simco Song Da Joint Stock Company
( Vietnam )
Marble
5. Asia Pacific Mining Ltd (China)
Lead, Zinc , Copper,
Gold
6.
Nobel Gold Limited
( Russia )
Gold and associated
minerals
7.
North Mining Investment Co.,Ltd
(China)
Ferronickel
8.
De Rui Feng Investment Co.,Ltd
( China )
Tin-Tungsten
Foreign Direct Investments ( FDI )

Issued 1763 mining permits for citizens and can
classified by following:
Exploration Permit - 464 Nos
Small Scale Mining Permit - 1119 Nos
Large Scale Mining Permit - 134 Nos
Subsistence Mining Permit - 46 Nos
* mainly for Goal, Tin – Tungsten, Copper, Antimony, Iron, Coal ,
Industrial Minerals Marbles, Granite , Magnesia dioxide, and lime
stone.
7

Mining Law
All mineral deposits found either on or under the soil of any land in the
continental shelf are deemed to be owned by the State.
MIC (Myanmar Investment Commission) promulgated the new
Myanmar Investment Law. Related rules will come out soon.
The Union of Myanmar Mines Law was promulgated in September
1994.
Rules relating to the law followed in December 1996.
Already enacted the Environmental Laws. ( promulgated in March
2012 ). Related rules will come out soon.
The draft of amending the Myanmar Mines Law ( with the advice
of experts and publics ) will replaced soon .
10

As stated in Myanmar Mines Laws ( 1994 ), to avoid or minimize
negative environmental and social impacts due to the Mining
Operation.
Investors must perform measures as follows;
1. Backfill or otherwise make safe damaged land to the satisfaction of
the Ministry or Department.
2. In disposing of wastes ( liquids, tailings and fumes ) shall undertake
laboratory test. If toxic materials are found, degradation shall be
made by chemical means.
3. Monitoring of Dust Emission.
4. Investors must take responsibility so that there is no pollution of the
environment due to the use of water.
5. Establish forest plantations or pay compensation to Ministry of
Forestry, if trees were cut and cleared. 11

Issued Public Notice
For
Environmental Conservation for Four Main Rivers
Notification No. 26/2012 (Dated on 28.3.2012)
No body can be allowed to make Prospecting,
Exploration and Production for Metal and Gems Mining in
the stream of Ayeyarwady, Than Lwin, Chin Dwin and Sit
Taung Rivers and within 300 feet from bank of rivers.
12

To eradicate poverty,Creatapportunities for employment and
Substainable development.
To improvesmall and medium mineral production in
balance while producing natural mineral resources with the
advanced technologies.
14

Description Existing Mining permit ,
Time and Area
FutureMining Permit,
Time and Area
Mineral
Prospecting
Permit
-A period not exceeding 1 year.
-The land area not exceed 4200 Km2.
-Extension period not exceeding 12
months.
Remain Unchange
Mineral
Exploration
Permit and
Feasibility Study
-A period not exceeding 3 years.
-Extension permit one year at a time.
-Extension may normally be two
occasion only
Remain Unchange
15

Large Sclae
Mineral
Production
Permit
-A period not exceeding 25 years
shall be permitted.
-However, if the estimated life of the
ore deposit proposed to be mined is
less than 25 years only such period
shall be determined.
-The land area is depend on
investment amount and ore deposit.
years at a time.( may get 3 times to
extend )
-A period not exceeding 25 years shall
be permitted.
-The land area is depend on
investment amount and ore deposit.
years at a time. ( may get 3 times to
extend )
Medium Scale
Mineral
Production
Permit
Not Include in Previous Law
-Not more than 10 Year
-Designated land area which shall not
exceed 1Km2
-Extension period not exceeding one
year on four occasions.
Small Sclae
Mineral
Production
Permit
-A period not more than 5 years.
-Designated land area which shall
not exceed 1Km2
-A period not more than 5 years.
-Designated land area which shall not
exceed 50 acres
16

Subsistance
Mineral
Production
Permit
-A period not exceeding 1 year.
Remain Unchange
Integrated
Permit
Mineral Prospection, Mineral
Exploration and Large Scale Mineral
Production or Small Scale Mineral
Production Permit.
Mineral Prospection, Mineral
Exploration and Large Scale Mineral
Production or Small Scale Mineral
Production Permit.
Mineral
Trading
Permit
Not Include in Previous Law
*In detail after getting the approval
( including Transporting, Storage
and Trading for produced Minerals )
Mineral
Processing
Permit
Not Include in Previous Law *In detail after getting the approval
17

Description In 1996 Mining Rule Future Mining Rule
Small Scale Permit 20 Acres and below 5 Acres and below
Medium Scale Permit Not Mention Not more 5o Acres
Large Scale Permit
-No area limit
-Depend upon the size og
Ore deposits and production
Time
50 Acres and above
18

1. Adopted the Market-Oriented Economic System.
2. Practice the production sharing contract ( P.S.C ) system.
3. Not making new investment by itself, rather, it would encourage
foreign and local investors to make them.
4. The investor can invest as a foreign direct investment (FDI) or
joint investment with local company.
20

5. For investors who would like to do exploration to confirm the reserve of a
deposit or to start with the grassroots exploration operations in a virgin
land , they may apply accordingly clearly stating their intentions.
6. Funds required to conduct the prospecting, exploration and feasibility study
are borne by the investor 100% at his own risk.
7. Investor should be made value added (or) mineral processing.
8. Ministry encourage to establish the processing plants with the advanced
technologies.
21

Description Viet Nam Simco Sounda
China Non Ferrous Metal
Corporation (CNMC)
Area
Nay Pu Taung, Taunggok Township ,
Rakhine State
Taguang Taung, Thabeikkyin
Township ,Mandalay Region
Investment US$ 18.5 million US$ - 787.899 Million
Signing 16.3.2012 28.7.2008
Development
Period
20 Months 36 Months
Proposed
Production
Per Year
Marble Block - 30,000 m3
Marble Slab - 100,000 m3
Ferro Nickel – 51416 Tons
Ni = 25.49 %
Royalty 3 % 4 %
Production
Shearing
Contract Ratio
(Government :
Company )
20 : 80 (Below – US$ 649)
25 : 75 (Between– US$ 650 - 749)
30 : 70 ((Above – US$ 750)
12 : 88 (US$ 20001-25000)
15.75 : 84.25 (US$ 25001-29000)
20 : 80 (US$ 29001-35000)
23.75 : 76.25 (US$ 35001- 42000)
28 : 72 (US$ 42001-50000)
32 : 68 (Above – US$ 50000)
23

24
Officials discuss on
mineral commodity
Letter of
Courtesy call
Site visit
Submit Proposal
1
2
3
4

25
6. Documents to include with the proposal

7. After getting the approval of the Ministry of Mines
and the completion of all the require recommendation
documents, the proposal and the Agreement Draft will
send to the Myanmar Investment Commission ( MIC )
for Investment permit.
26

Activities to Promote Mining Sector
First Myanmar Mining Summit ( 22-25 Jul, 2012 )
National Level Mineral Sector Development Summit ( 19 Oct, 2012 )
The Seminar on Substainable Development and Mine Pollution Control ( 29 Oct,
2012 )
Myanmar Mining Invesment Forum 2012 ( Singapore, 3-6 Dec 2012 )
Second Myanmar Mining Summit ( 21-24 Jan, 2013 )
The Myanmar-Japan Joint Seminar on Mining Industry and Related Laws (19 Feb,
2013 ) * Upcoming event
Myanmar Gems & JewelleryEntrepreneurs Association.
Myanmar Gold Entrepreneurs Association.
Myanmar Federation of Mining Association.
27

1. Foreign investors can buy Jade and Gems in Emporium and it can be
exported.
2. Foreign investors can invest in Jewellery Making Industry. But, gemstone
mining are not allowed to invest.
3. All new mining proposal should contain Mine Closure Plan prepared in
accordance with Myanma Mines Law.
4. For proposal mining projects, it’s necessary to address the potential
environmental impact and social impact issues that may arise due to
proposed mining activities.
5. Private entrepreneurs are permitted to sell their mineral products freely in
the local market and may also export them after mineral processing.
28

6. Any kind of raw ores are not allowed to export.
7. Ministry is welcoming to set up mineral processing and refining
plants in Myanmar in partnership with local and foreign investors.
8. We are now inviting to produce coal and build coal power plants.
( for domestic use only , not allowed to export)
9. Before investing in Myanmar, foreign investors need to understand
a number of regulatory and legal topic as well as environmental
conversations.
10. Some of these are corporate registration, legislation, work permits,
industrial licensing, taxation, investment promotion and the
availability of infrasture and facilities.
29

MINISTRY’S EXPECTATIONMINISTRY’S EXPECTATIONMINISTRY’S EXPECTATIONMINISTRY’S EXPECTATION
Promote optimal utilization of Myanmar valuable mineral
resources for its production of refined products, through the
contribution of foreign investment with advanced technologies.
30

Contact Information
Mr. Win Htein
Director General
Department of Mines
Ministry of Mines
Office Building No. ( 19 ), Nay Pyi Taw, Myanmar.
Tel : 95-67-409017
Fax : 95-67-409376
E-mail :deptmine@gmail.com
31

Myanmar Mineral Exploration and Oversea Mining Company Status

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