Myanmar Wanbao Mining Copper Limited (MWMCL) was founded in September 2011 by Wanbao Mining Limited, an international mining company headquartered in Beijing. MWMCL is based in Letpadaung, in Sagaing Division, in the Republic of the Union of Myanmar. It is hoped that the Letpadaung copper mine, which is still under construction, will enter into production in 2015.
Under the terms of the Amendment to the Product Sharing Contract which was signed in July 2013 by the Ministry of Mines of Myanmar, represented by Mining Enterprise NO 1 (ME1), MWMCL and Myanmar Economic Holdings Limited (MEHL), the Government of Myanmar enjoys 51% of the benefit, making the people of Myanmar majority beneficiaries whilst MWMCL and its business partner MEHL will retain 49%. MWMCL carries all the investment and operational risks of the project. Moreover, MWMCL has committed to putting USD 1 million to its CSR programs every year at the construction stage. When the mine enters into production MWMCL, together with its Myanmar partners, will spend 2% of the net profit every year on CSR projects.