Wanbao has proactively engaged with the government at all stages of the compensation process, and has paid compensation many times higher than the legal requirements. Since June 2010, we have paid land compensations/subsidies to Project-affected villagers three times. (3x)
The first payment is the compensation according to the Myanmar laws together with the first subsidy, which is three times the market price of the compensation for the crops (between 525,000 and 552,000 Kyats), as guided by the regional government. All of the Project-affected villagers have taken up the first payment. Accordingly, land grant for the Letpadaung Mine was issued to MEHL by the Ministry of Home Affairs on 3rd August 2012. In March 2013, in accordance with the Investigation Report of the Letpadaung Project led by Daw Aung San Suu Kyi, we started to pay second subsidies to the Project affected villagers. A total of 3,442.55 acres of land have been taken up by related villagers so far, which totals more than 3.56 billion kyats. The criteria for the land compensation, made by the Government, ranges between 1 -1.5 million Kyats per acre, and considers the different types of land values. This compensation is much higher than the legal requirements. Starting from February 3 2014, the government started to pay the third-time subsidy to the villagers. Approximately 874 villagers had taken up the subsidies for 2,435.16 acres of land by March 13, 2014.
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