Myanmar Wanbao Mining Copper Limited (MWMCL) is a young and dynamic enterprise specialising in copper mining.
Copper is an essential part of our day to day life. There is literally no appliance essential to modern life that copper is not an important ingredient of. From mobile phones, to cars, ships and even hairdryers, copper is there to make our life easier. And here, at Myanmar Wanbao, we have the people and the know-how and the dedication to bring this copper to the world, while working with the wonderful people of Myanmar to help them benefit from their resources in a sustainable manner that can enrich their life and bring prosperity and development to their country.
We are based in Letpadaung, in Sagaing Division, in the Republic of the Union of Myanmar. Our staff, both Myanmar and Chinese, work closely together to create a vibrant, socially and environmentally responsible company. Mining is a long term commitment and we take our responsibility to Myanmar society very seriously. Our surrounding villages are not only our neighbours, but they provide us with the overwhelming majority of our employees. This has helped create a unique family feeling which we are very proud of.
Myanmar Wanbao Mining Copper Limited (MWMCL) was founded in September 2011 by Wanbao Mining Limited, a mining company headquartered in Beijing and specialising in international mining projects in such locations as Africa and Asia. MWMCL is developing the nearby Letpadaung deposit. It is hoped that the Letpadaung 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.
MWMCL see itself as the partner of the people of Myanmar as they seek a better and more prosperous future. This is our commitment to local people and one we are proud to make.
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