On July 24th 2013, the Ministry of Mines of Myanmar, represented by Mining Enterprise No.1 (ME1) signed the Amendment to the Production Sharing Contract for the Letpaduang Copper Mine with Myanma Economic Holding Ltd(MEHL) and Wanbao Mining Ltd. The ceremony took place at Nay Pyi Taw.The Amendment provides the government of Myanmar with 51 % of the benefit, whilst MEHL and Wanbao retain 49 %.
The Amendment includes a legally binding clause of 2 % of net profits going towards corporate social responsibility with a focus on our immediate communities. The contract also safeguards environmental stewardship with Wanbao paying USD 2 million per annum throughout the commercial production period of the project into a dedicated account, to ensure international standards of environmental protection. Our caring environmental strategy requires we start planning from now for that time in the future when the mine at Letpadaung is eventually closed.
We are very pleased to have agreed this Amendment with the Myanmar Government, and the Myanmar people. We are eager to begin work on the mine to contribute to the future of the people of Myanmar.