Australian mining company to back out of Myanmar investment

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.

Support more independent journalism like this. Sign up to be a Frontier member.

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.

Share on facebook
Share on twitter
Share on email

More stories

Latest Issue

Stories in this issue
Myanmar enters 2021 with more friends than foes
The early delivery of vaccines is one of the many boons of the country’s geopolitics, but to really take advantage, Myanmar must bury the legacy of its isolationist past.
Will the Kayin BGF go quietly?
The Kayin State Border Guard Force has come under intense pressure from the Tatmadaw over its extensive, controversial business interests and there’s concern the ultimatum could trigger fresh hostilities in one of the country’s most war-torn areas.

Support our independent journalism and get exclusive behind-the-scenes content and analysis

Stay on top of Myanmar current affairs with our Daily Briefing and Media Monitor newsletters.

Sign up for our Frontier Fridays newsletter. It’s a free weekly round-up featuring the most important events shaping Myanmar