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Ivanhoe Received US $103 Million from Burma’s Copper Mines

By Canadian Friends of Burma  •  August 3, 2011

Vancouver-based Ivanhoe Mines has announced early today in its press release that it received US$103 million from Burma asset it held through Monywa Trust.

Ivanhoe owned a 50% operating interest in a joint venture with Burma’s state-owned company and transferred its asset to a third party Monywa Trust in 2007. However, Ivanhoe still keeps tight-lip on revealing the name of company that acquired its asset in Burma.

According to the mouthpiece of Burma’s regime The New Light of Myanmar, Chinese arm-manufacturing company Norinco reached a “Production Sharing Contract” with the state-owned Union of Myanmar Economic Holdings Ltd (UMEH) that covers the mining rights for Monywa copper mine.

CFOB is disturbed by reports of Norinco’s involvement in the Monywa mine and recently urged Canada to immediately investigate the present status of Ivanhoe’s Burmese assets and take punitive action against Ivanhoe if sanctions have been violated. Please see the relevant press release.

Media contact at 613-279-6835

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This post is in: Business and Human Rights, Environmental and Economic Justice, Press Release

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