MWMCL Press Release
22nd December, 2014
Myanmar Wanbao to commence construction of Letpadaung project in agreement with the Myanmar Government and under its direction.
Myanmar Wanbao Mining Copper Limited (MWMCL) is pleased to announce that, under the direction of the Myanmar Government, the company will be extending its working area in the Letpadaung copper project to comply with requirements of its investment permit granted by the Myanmar Investment Commission.
Construction is proceeding as a result of broad community support for the project.
The company hopes that, with the commencement of construction, the Letpadaung project can reach "operational status" soon where the company can continue sharing the benefits of this project with its community and the whole of Myanmar.
Once the mine is operational, there are many sources of benefits from this project for the people of this region and the whole of the country such as:
— The country is estimated to have a direct economic benefit of USD 140 million per year in taxes, royalties, production share, and USD 150 million per year in terms of the local procurement. This will be used to help build this country further.
— Furthermore, 2% of the project's net profit will go towards community development.
— The investment in the people of the region, in their skills and in infrastructure will make Letpadaung and Sagaing Division an attractive destination for more foreign direct investment.
During the delay period of 2 years, MWMCL has not only complied with both the Investigation Commission's recommendations, and the direction of the Implementation Committee, but it has also has gone beyond them, in terms of its social and environmental responsibilities, and critically also in terms of its community consultations.
Social issues and community relationships.
MWMCL has engaged proactively with its community through numerous rounds of consultations and engagements, with advice from British social risk consultancy, China-i. We have taken to heart the Myanmar government's concept of "People Centred Development" and we are proud of putting this concept into action by placing our community at the centre of what we do.
We have carried out unprecedented extensive door-to-door consultations between Wanbao management and villagers for months on end. This public engagement process was transparent and open to anyone who wanted to provide input or raise concerns. This allowed us to get much closer to our community and listen to their needs. It allowed the company to forge close relationships which Wanbao hopes will become lifetime friendship.
Our numerous consultations have shown the community our commitment to them. And villagers have witnessed this also through the company's actions in response to their needs. Our neighbouring villages have seen that despite the project not being operational due to stoppages outside Wanbao's control, the company has been reaching out to them in every way it can. This is why the majority of them have given their full support to the project.