Mineral exports cross $1 bln as of 6 March

LOCAL NEWS

Myanmar’s mineral exports have shown a sharp increase this fiscal, touching US$1.03 billion between 1 October and 6 March, an increase of $594.7 million compared with the year-ago period, according to the data by the Ministry of Commerce.
Mineral exports were pegged at just $437 million during the corresponding period in the previous financial year.
Both private and public sector mineral exports have recorded an increase in the current fiscal, with private sector exports valued at $577 million and public sector exports estimated at $454.87 million.
Excavation of more than 1,250 mining blocks has been so far permitted on a manageable, small, medium, and large scale, according to the Ministry of Natural Resources and Environmental Conservation.
The exports of forest products and minerals had significantly dropped in the previous years due to the limited extraction of natural resources. Permits for mining blocks were suspended in 2016, but after a period of two years, Myanmar’s mining sector has now been opened to local and foreign investors, according to the ministry.
Within two years of the implementation of the Myanmar Mines Law, the Mines Department has approved 144 out of 3,000 proposed mining blocks.
Evaluation teams in Kachin, Kayah, Shan, and Kayin states and Sagaing, Taninthayi, and Magway regions are now screening mining applications, based on the opinions of the respective departments and the region and state governments.
Though the Myanmar Mines Law had been enacted on 24 December 2015 it came into force when the rules were issued on 13 February 2018.
Myanmar’s export sector relies more on the agriculture and manufacturing sectors. Since export earnings from the CMP (cut, make, and pack) garment businesses have risen, it would ease the country’s reliance on natural resources.
Of the seven export groups, exports of agricultural goods, minerals, fishery, and finished industrial goods have shown an increase while exports of livestock, forest products, and other goods have declined in the current FY. — Htet Myat (Translated by Ei Myat Mon)

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