08/08 Indochina Goldfields Reaffirms Commitment To Monywa Copper Project In Myanmar
VANCOUVER, Aug. 8 /CNW/ - R. Edward Flood, President of Indochina Goldfields Ltd., said today that the company's large copper mining joint venture in Myanmar will not be materially affected by new, selective economic sanctions that the Canadian government has imposed on Myanmar.
The Canadian measures announced on Thursday are directed against imports and exports between Canada and Myanmar (formerly known as Burma). But the Canadian measures do not impose official restraints on capital that is invested in Myanmar to help with the development of the country's economy.
``It is important to note that the Canadian government is not suggesting that Canadian businesses should voluntarily terminate existing agreements covering current investments in Myanmar,'' Mr. Flood said in a statement.
``Before we committed Indochina Goldfields to investments in Myanmar in 1996, representatives of the company met with officials of the Canadian government in Ottawa. At no time did the Canadian government advise us against investing in Myanmar, or attempt to dissuade us from doing business in the country.
``Over the past 4 years, Indochina Goldfields has spent more than US$60 million in Myanmar to acquire mineral rights, conduct exploration and begin development of the Monywa copper project, in north-central Myanmar. It would be irresponsible to our shareholders to put that investment in jeopardy by suspending further involvement.
``We are committed to support our 50% interest in the Monywa copper project which, as we have reported in recent weeks, has received competing international proposals to finance and build the first phase of a mine complex that is scheduled to start producing 25,000 tonnes of copper cathode a year in 1998.
``Indochina Goldfields has begun fulfilling its commitment to dedicate a portion of its revenues from the Monywa mine to help pay for specific health care and education services in Myanmar over the project's planned 30-year life. The company's share of all copper produced at the pilot plant over the past two years has been donated to fund children's scholarships.''
The company's other assets include gold and copper properties and other interests in Indonesia, Kazakstan, South Korea, Vietnam and Fiji. Indochina Goldfields Ltd. shares trade on the Toronto Stock Exchange and on the Australian Stock Exchange under the symbol ING. Information about the company and its projects is available on its Web site: goldfields.com. |
