China, Myanmar sign nickel production sharing contract

Tag : Non-ferrous Metal

YANGON, July 28 (Xinhua) -- China and Myanmar reached a productionsharing contract in Nay Pyi Taw Monday to produce nickel inMyanmar's northern Mandalay division.
The contract was signed between the China Non-Ferrous Metal GroupCompany Ltd (CNMC) and the state-run No. 3 Myanmar MiningEnterprise under the Ministry of Mines.
According to the contract, the two sides will carry out the majorundertaking in the division's Tabeikkyin metal mining plot.
The Chinese investment project in Myanmar's mining sector standsthe latest over the past few years.
Myanmar official statistics show that foreign contracted investmentin the country's mining sector amounted to about 534.19million U.S.dollars as of the end of 2007 since the country opened to suchinvestment in late 1988.
The foreign investment accounted for 3.6 percent of 14.736 billiondollars' of the country's total foreign investment.
Other foreign firms engaged in mineral exploration in Myanmarinclude those from Australia, Japan, Malaysia, Singapore, Thailand,the United States and Russia.