Letpadaung copper project to bring in US$20m
The Letpadaung Copper Project, which is a joint venture between the Wanbao Mining Company from China, Myanmar Economic Holdings Limited and the Myanmar Government is expected to generate about US$20 million in its first 10 months for the State, said U Ohn Win, Union Minister for Natural Resources and Environment. About 1,327.391 metric tonnes of cathode copper were produced from March 11 to May 4 of 2016, giving the government approximately $1 million from royalties, production sharing ratios, commercial taxes, and income taxes, he said. Additionally, more than 20,000 metric tonnes of cathode copper were commercially produced from May 5, 2016 to January 31, 2017 and the government is expected to collect about $20 million from that amount.
