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South Korean Consortium to Develop Burma Mine


A consortium of South Korean companies is planning to join a Canadian company in developing the Monywa copper mine in west central Burma.

South Korean officials say three companies - Korea Resources, Taihan Electric Wire and Daewoo International - will buy a 25% stake in the Monywa mine for 120 million dollars.

The mine is currently owned by the Canadian company Ivanhoe Mines. Last month, the company announced it was ceasing operations at the mine because it was unable to import cash and equipment needed to maintain it.

The mine had been a joint operation between Ivanhoe and the Burmese government. The Korean consortium plans to ship about ten thousand tons of copper from the mine this year.

The mine is believed to contain almost one-and-a-half billion tons of copper.

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