Russian firm wins gold exploration concession in Myanmar

Business Materials 16 February 2008 13:29 (UTC +04:00)

(dpa) - Myanmar's military regime has agreed to let Russia's Glory International Pte Ltd search for gold and other minerals in the country's northern Kachin State, which borders China, state media said Saturday.

The exploration agreement was signed between Win Ti, Director- General of Myanmar's Geological Survey and Mineral Exploration Department, and Krivoshey Pavel, Chairman of Victorious Glory International Pte on Friday in Naypyitaw, the country's new capital.

Under the agreement, Glory International will be allowed to search for gold and other minerals along Uru River between Phakant in Kachin State and Homalin of Sagaing Division, The New Light of Myanmar said.

Myanmar, a former socialist country that closed its doors to the outside world between 1962 to 1988, is deemed one of Asia's last treasure troves for untapped minerals.