Ministry to Compensate Mining Firms

The Ministry of Mining said it will compensate the companies that had to halt operation in Kachin state by extending permit periods.

The government allowed jade mining operations to resume in Kachin state on September 1 after operations were suspended in May 2012 due to an armed conflict.

The move comes as a response to requests of jade mining companies who have incurred losses during the suspended period, the ministry said.

Companies with operating permits must contact the headquarters of the Jewelry Trading Enterprise in order to obtain the necessary extension. The additional term is based on the length that a company had to suspend its operations, the ministry announced.

Additionally, the ministry said new public tenders will be invited for blocks where the operation term has expired.

Kachin state has over 2,000 jade mining blocks, but the areas of Lone Khin, Hpa Kant, Maw Lu-Maw Han and Khan Tee were the most affected by the halting of mining operations in the state.

Kachin state, the biggest jade producing state in Myanmar, accounts for the majority of the precious stone on display for sale at jade and gem emporiums. The most recent jade and gem emporium, held from June 24 through July 6, earned a record $3.5 billion in sales.

Source: Myanmar BUSINESS TODAY

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