For many people, the Asia mining sector has had a certain appeal especially in relation to Myanmar (previously Burma) as it develops and implements regulations and looks for foreign investment. Most recently, the Myanmar Parliament passed amendments to the Myanmar Mines Law and TerraLex member firm, Kelvin Chia Yangon Ltd, has outlined the legislative amendments in an eBulletin. These amendments introduce a streamlined framework for foreign investment in a bid to attract international mining companies and associated companies who are seeking to establish a presence in the country. The regulations are expected to be published by the Ministry of Mines by end of March 2016.
The Myanmar Parliament recently passed amendments to the Myanmar Mines Law. The amendments introduce a streamlined framework for foreign investment in a bid to attract international mining firms to participate in Myanmar's mining industry. TerraLex member firm Kelvin Chia Yangon Ltd outlines the legislative amendments in this eBulletin.
On 24 December 2015, the Myanmar Parliament passed amendments to the Myanmar Mines Law promulgated in 1994. Although the corresponding regulations are yet to be finalised by the Ministry of Mines, it is widely expected that the new mining licensing framework resulting will bring an improved platform for foreign investors with greater transparency and efficiency compared to the existing regime.
Change in mining law
The recent legislative amendments have been summarised in the following article published by Kelvin Chia Yangon Ltd, the Myanmar member of the TerraLex network. TerraLex is a leading global network of law firms of which Lander & Rogers is the exclusive member for Australia.
Click here for the eBulletin from Kelvin Chia Yangon Ltd.
Myanmar has a diverse and abundant portfolio of geological resources including metals, ores and industrial minerals such as copper, tin, tungsten, nickel and gold. In addition, its central location between China, India and the rest of the south-east Asian nations increases its potential to attract large scale foreign participation in its mining industry. Yet, these resources are largely untapped. This is partially due to the strict procedures applied to foreign companies wishing to conduct mining exploration or production in Myanmar, the fragmentation of the existing licensing regime for the different stages of the mining process, and the restrictions placed on ownership structures of foreign-invested mining entities.
The legislative amendments together with the regulations are expected to improve Myanmar's attractiveness to international mining companies, producers of mining equipment and providers of relevant services such as environmental technology and vocational training who are seeking to establish a presence in the country. The regulations are expected to be published by the Ministry of Mines by end of March 2016.