IMMEDIATE RELEASE

Plans by Australian miner Myanmar Metals to sell its stake (51%) in the Bawdwin mine to China Yintai will only enrich the corrupt and murderous military regime and further harm local communities, says NGO coalition Publish What You Pay.

China-based Yintai Gold Co has recently proposed a A$66.5 million takeover of ASX listed Myanmar Metals (MYL) which has joint venture partnership with two Myanmar businesses in the mine which was to start production in late 2021. MYL suspended trading of its shares after the Feb 1 coup and has since exited from two other concessions in Myanmar.

The proposed sale could result in the mine proceeding and thus see royalties and taxes flowing to the military to spend on weapons and military equipment. MYL should conduct rigorous due diligence, as per OECD guidelines, to ensure any future sale does not result in further human rights risks such as financing the Myanmar military.

Clancy Moore, Australian director of Publish What You Pay made the following statements:

“Myanmar’s natural resource wealth belongs to its 54 million citizens not the corrupt and murderous military who will benefit from the proposed sale to China Yintai Gold Co.”

“Myanmar Metals proposed sale will put money in the pockets of investors but might end up harming local communities who have already suffered through armed conflict and the military coup.”

“Thousands of people are dying from COVID every day in Myanmar. Now is not the time for Myanmar Metals to be making decisions about such an important project for the people of Myanmar.”

More information:

ASX announcement from MYL on proposed sale to Yintai Gold Co., 21 July 2021.

PWYP report: Extracting the Truth about the Bawdwin mine, 1 March 2021

The Age/SMH article on Myanmar Metals since the coup, 1 March 2021

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