By OLIVER SLOW | FRONTIER
YANGON — Australian mining firm Eumeralla Resources has announced it is planning to divest from its operations in Myanmar, almost four years after it applied for an exploration licence in the country.
In a company prospectus published on March 17, the Perth-based company said it plans to divest or relinquish its business interests in Myanmar and focus more on opportunities back home.
In July 2013, Eumeralla applied for a licence to explore tin and tungsten on a sight in Kayah State, through its 70 percent stake in Mawsaki Mining Company. Local company Myanmar Energy Resources Group held the remaining share of the joint venture.
In October 2014, Eumeralla said it had been approved state government approval for the permit, but was still awaiting Union level permission.
The company says it is now evaluating investments in Australia “in light of the relative lack of success in commercial development” for its mineral exploration ventures in Myanmar and Mongolia.
It said it would continue its operations in Mongolia for the immediate future.
In December, Eumeralla announced it had acquired Ausmex Mining, a privately-held mining firm in Australia.