Gold mining companies still owe govt

Small gold mining companies still owe more than 1200 ticals (19.6 kilogrammes) of gold to the government, Mandalay Region Auditor General Daw Khin Aye Swe told the Mandalay Region Hluttaw.

Under a production-sharing agreement between the No.2 Mining Enterprise and gold mining companies, small gold mining companies owed the government 1290.77 ticals from 2007-08, but the government had not received payment in fiscal 2017-18, and only 59.19 ticals of gold were written off, she said.

Two of the companies were ordered to pay 46 ticals of gold, one was sued for 34 ticals of gold, one will be sued for more than 202 ticals of gold, two were ordered to pay more than 412 ticals of gold, 12 companies were ordered to pay more than 378 ticals of gold, and five companies will have debts of more than 158 ticals of gold written off.

Asia World Company, which works Concession D, one of two big gold mining sites, owed 344 viss (540 kilograms) of gold at the end of March 2018.

“The country is sustaining losses, as the receivable gold is not being collected,” said Daw Khin Aye Swe.

Some of the debtor companies were found to not be following financial rules, to have committed financial abuses, to be unable meet project deadlines, and to lack scheduling and technology, resulting in losses.

“Factories suffering losses and owing gold for many financial years need responsible and effective management, administration and better budget management,” Daw Khin Aye Swe said.

Source: Myanmar Times

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