- by Public Relations Manager
PRESS RELEASE -
Myanmar Yang Tse Copper Limited Announces Investment in Local Labour
Monywa, Sagaing Region of Myanmar – Locally operated Monywa No. 1 Copper Mine (the S&K Project) announced this month that the previous joint venture ownership of the mine (Myanmar Ivanhoe Copper Company Limited – MICCL) would make way for a new name and title of Myanmar Yang Tse Copper Limited – MYTCL, which is owned and operated by China’s Wanbao Mining Ltd..
This change of ownership took many months to finalise, as the mining operations were slowed to a bare minimum and the more than 550 locally employed miners feared that the sale would not occur. Concerns of lost opportunity for the villagers and the foreboding possibility of mine closure weighed heavy on those who had been working in the mine since its upstart by the Canadian firm, the Ministry of Mines – ME1, and UMEHL- United Myanmar Economics Holdings Limited in the early 1990’s.
Myanmar Yang Tse Sustains Economic Strength
Mining is a key contributor to the Myanmar economy, as well as an engine for national development within the Monywa, Sagaing Region and value-added generation for employment, and educational opportunities developed through on the job training that can be conducted nowhere else within the Republic. The impact of the sale and continuance of the S&K Project and its mining undertakings goes beyond mineral extraction and processing. Mining this project is linked to many other industries and sectors within the economy including transportation, construction, equipment manufacturing, environmental management, mechanical and machine maintenance, geological services, education and research, among a long list of secondary industries related to the mining operations.
Introducing MYTCL’s Engaging the Neighbourhood Methodology
The first factor that was at the top of the list when it came to reengaging the mining activities was social and economic development - jobs. MYTCL took a positive look at the mine planning of the project and has added to its announcement that there would be an additional 500 – 1,000 more jobs available within the S&K Project within the next 5 years. It also declared that villagers living directly in the area, or farmers that had previously owned land that had been included in the mine lease would be given first priority for jobs. MYTCL would also introduce a program to train and educated unskilled labourers so that there would be future opportunities for advancement within the company.
“The evolution of what are considered to be ‘least developing countries’ is, and always will be into the future, a critical consideration for Myanmar Yang Tse Copper Limited as we expand our margins into unchartered regions.”
Chairman of MYTCL – Mr Geng Yi