Ottawa - Canadian Friends of Burma (CFOB) has learned that Ivanhoe's mining operation in Burma provided US $106 million thus becoming the fourth biggest contributor in export income for the military-ruled country during 2006-07.
"The country's fourth biggest exporter was Myanmar Ivanhoe Copper Co., Ltd (MICCL), a joint venture between the government's Mining Enterprise No. 1 and Canadian giant Ivanhoe Mines," Myanmar Times, weekly magazine published in English, reported.
Early this year, Ivanhoe announced that it was divesting its assets and interests from Burma, transferring them to a newly-created "Monywa Trust." However, CFOB and activists in Canada are yet to be convinced about this divesture, as further information on the so-called "Trust" and terms and conditions of this transfer have not been made public.
"We don't understand why the" Trust" is so secretive. The company still refuses to disclose the structure and nature of what they like to call 'Trust' to which it transferred its assets in February this year," said Tin Maung Htoo of CFOB, adding that "Ivanhoe will continue to earn lucrative profits from the operations until they actually sell their assets to another company."
The latest report which confirms that Ivanhoe is the fourth largest income generator in Burma further strengthens our view that investments in Burma, especially joint-ventures with the military regime, support the junta's repressive rule.
Canadian Friends of Burma (CFOB)
145 Spruce St. Suite 206
Ottawa, ON K1R 6P1