Myanmar to get more profit from controversial Chinese-backed mine
YANGON (REUTERS) - Myanmar has signed a revised contract that increases its share of the profits from a controversial Chinese-backed copper mine, the country's largest, officials said.
The revision is seen as an attempt by the government to appease public anger over the project by giving the country a bigger share of the profits, after protests last year that triggered a violent police crackdown.
The new terms give the government 51 per cent of the profits from the Letpadaung copper mine in Monywa, 760 km north of Yangon, far more than its original 4 per cent share.
The mine's operators, Union of Myanmar Economic Holdings (UMEHL), which is owned by Myanmar's military, and Myanmar Wanbao, a unit of China North Industries Corp, a Chinese weapons manufacturer, will get 19 per cent and 30 per cent respectively.