- Japanese Prime Minister attends Myanmar-Japan Economic Forum
- ACE Group to open representative office in Yangon
- EU not allows Chinese grasshoppers exploiting GSP for Myanmar
- Service centre for BMW cars to be opened in Yangon
- Sumitomo, NEC, NTT to build telecom network in Myanmar
- Italian-Thai’s hydropower project in lower Myanmar allegedly stops
- Swiss Upper House Speaker paves the way for Swiss investments in Myanmar
- Myanmar spends US$300m annually for palm oil imports
- First Central Cooperatives Business Center to be opened in June
- Wood, finished-wood products export gets exemption from custom check
Wanbao has paid $5m compensation: Chinese ambassador
Published on Sunday, 09 December 2012 05:47
Sarlingyi residents staged another protest on December 2 (Photo - EMG)
China’s ambassador to Myanmar Li Junhua told reporters on December 7 that Wanbao Company has already paid $5 million in compensation for the Latpadaungtaung copper mine project which covers a total of 6,000 acres, at an average of 0.55 million kyats (about $644) per acre.
“Wanboa launched the project in 2010 jointly with the Union of Myanmar Economics Holdings Limited. It is in accordance with Myanmar’s laws on acquiring villagers’ land. Then, the actual price for an acre of land was just 5,000 kyats (about $6) according to the law in the country. But Wanboa paid 0.55 million kyats (about $644) per acre after negotiations with the local residents,” he added.
He added that the company also had plans to build houses, hospitals, schools and monasteries for the local people.
“The company has already built 200 houses, one primary school, one hospital and one monastery for the residents,” he said.
The ambassador also said that “Ending the project either because local people misunderstood it or because they did not know the full history, will harm the country’s image in the eyes of potential investors.” Wanbao Company’s investment in the project amounted to US$1 billion and the project duration is 30 years, he added.
“The profit after deduction of expenses will be shared proportionately, with 16.8 per cent for the Myanmar government, 13.8 for the Union of Myanmar Economic Holdings Ltd and 13.3 per cent for Wanbao Company. Wanbao will make the investment, but the profit will be shared between three parties,” he continued.
The Latpadaungtaung project was formerly run by companies from Yugoslavia and Canada, and the Chinese Wanbao Company is the third one to handle the project.