Canadian Investor Needs to Temporarily Close its Mine in Burma

Canadian Ivanhoe Mines, one of the larger foreign investors in Burma, has been forced to temporarily close its copper mine in Burma for a few weeks last month. Problems related to the mine’s bank and insurance broker ending its relationships with the operation, a result of the economic sanctions that the US government installed on Burma. According to Ivanhoe, the mine has been reopened in the meantime, albeit at a lower level.

Company sources reportedly acknowledged that the US sanctions are making it increasingly difficult to work in Burma. The company also admitted having a few technical problems with the Burmese government, including on import permits. The Monywa Copper Project is operated as a joint venture between Ivanhoe Mines and the Burmese government. The Burmese government forces joint ventures on all foreign investors operating inside Burma, guaranteeing the dictatorial regime a steady flow of income.