Burma Update
Published by MAC on 2006-08-23
Burma Update
23rd August 2006
Yet again, our associate Eric Snider in Canada, has provided an excellent summary of recent mining-related "events" in the most "rights-denied" country in southeast Asia.
Noteworthy in this update is speculation that Ivanhoe Mines may not sell part of its notorious Monywa copper mine after all, since Korean investors, allegedly were lining-up to buy, could be getting cold feet. One reason for this may be that the Burmese military junta is demanding the company cough up back commercial taxes. Surely it is no coincidence that this mirrors recent strains between Ivanhoe and the Mongolian government (in what seemed a previously happy marriage) - anda recent announcement of the Uzbekistan regime's intention to "seize" Newmont's gold mine there, claiming the US company too had also defaulted on taxes.
All this is in marked contast to the determination (reported last week) by Peru's president, to accept "voluntary" social payments by mining companies in lieu of imposing more taxes.