Monday, 18th February 2008 (1788 views)

Russian mining firm Victorious Glory International has signed a new deal to carry out gold exploration in Burma, south-east Asia, according to reports.

Burmese state newspaper New Light of Myanmar said that under the deal, Victorious Glory will work with local mining authorities to discover and develop sites in the northern Kachin state and Sagaing in the north-west.

Exploration will be focused specifically on the Uru river, which runs between Phakant and Homalin.

It is part of a drive by the Myanmar Ministry of Mines to encourage gold mining development in the country. According to the news site China View, state-run Myanmar Mining Enterprises says 380 gold exploration blocks had been allocated by 2007, mostly in the Mandalay and Sagaing regions.

According to government statistics, $534.19 million (£273.89 million) has been invested in Burma's mining sector since it opened to foreign capital in 1988. According to the Chinese site, firms from Australia, China, Japan, Thailand and the United States are among those currently engaged in exploration there.

 

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