Myanmar’s Suu Kyi defends China mine

Reading Time: 2 minutes

Aung San Suu KyiMyanmar opposition leader Aung San Suu Kyi has come to the defense of a $1 billion copper mine in remote northwest to preserve the country’s relationship with China and continue encouraging foreign investment.

Suu Kyi was met with rare dissent on March 14 when she visited a Buddhist temple in Se Tel, near the Latpadaung copper mine in Sagaing Region, announcing that villagers would have to resettle close by where new jobs would be created for them, Myanmar online news portal Mizzima quoted a local source as reporting. Scores of other protesters confronting Suu Kyi in outrage have also been reported.

On March 12, a government-backed commission chaired by Suu Kyi released official approval for the Latpadaungtaung copper mine, a joint venture between China’s Wanbao and the Union of Myanmar Economic Holdings Ltd, a Myanmar military-owned conglomerate.

The committee admitted that the project lacked environmental safeguards and would not provide employment opportunities for locals, yet appears more afraid of escalating tensions with China than grassroots’ opposition.

China is Myanmar’s largest trade partner and top buyer of the country’s jade, a significant source of export wealth, which China imported 12,000 tons of from April to August of 2012.

The import of jade to China has dropped dramatically in recent months due to an increase in import tariffs that have risen from 3.3 per cent to 34 per cent, Thura Swiss, a Myanmar-based consultancy has quoted.

Yet despite the snub from the drop in jade exports, Myanmar trade rose $255 million in the 2012-2013 fiscal year ending on March 1, amounting to approximately $17 billion.

While President Thein Sein is on a world tour kicking up momentum for international attention and continuing to appeal for Western powers to drop sanctions on lucrative mineral exports such as jade, it appears that Suu Kyi has crossed a fait accompli with her saint-like status with the Myanmar people by coming to the protection of investors instead.

 

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Myanmar opposition leader Aung San Suu Kyi has come to the defense of a $1 billion copper mine in remote northwest to preserve the country’s relationship with China and continue encouraging foreign investment.

Reading Time: 2 minutes

Aung San Suu KyiMyanmar opposition leader Aung San Suu Kyi has come to the defense of a $1 billion copper mine in remote northwest to preserve the country’s relationship with China and continue encouraging foreign investment.

Suu Kyi was met with rare dissent on March 14 when she visited a Buddhist temple in Se Tel, near the Latpadaung copper mine in Sagaing Region, announcing that villagers would have to resettle close by where new jobs would be created for them, Myanmar online news portal Mizzima quoted a local source as reporting. Scores of other protesters confronting Suu Kyi in outrage have also been reported.

On March 12, a government-backed commission chaired by Suu Kyi released official approval for the Latpadaungtaung copper mine, a joint venture between China’s Wanbao and the Union of Myanmar Economic Holdings Ltd, a Myanmar military-owned conglomerate.

The committee admitted that the project lacked environmental safeguards and would not provide employment opportunities for locals, yet appears more afraid of escalating tensions with China than grassroots’ opposition.

China is Myanmar’s largest trade partner and top buyer of the country’s jade, a significant source of export wealth, which China imported 12,000 tons of from April to August of 2012.

The import of jade to China has dropped dramatically in recent months due to an increase in import tariffs that have risen from 3.3 per cent to 34 per cent, Thura Swiss, a Myanmar-based consultancy has quoted.

Yet despite the snub from the drop in jade exports, Myanmar trade rose $255 million in the 2012-2013 fiscal year ending on March 1, amounting to approximately $17 billion.

While President Thein Sein is on a world tour kicking up momentum for international attention and continuing to appeal for Western powers to drop sanctions on lucrative mineral exports such as jade, it appears that Suu Kyi has crossed a fait accompli with her saint-like status with the Myanmar people by coming to the protection of investors instead.

 

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid