Myanmar revises controversial Chinese-backed mine deal
NAYPYIDAW (AFP) - Myanmar has revised a controversial copper mine deal with a Chinese company, officials said on Thursday, after a series of protests against the project that triggered a violent police crackdown.
The new terms give the Myanmar government 51 per cent of the revenue, Minister of Mines Myint Aung told parliament, in an apparent attempt to assuage public anger by giving the nation a share of the profits.
Chinese firm Wanbao will receive 30 per cent of the revenue from the Letpadaung mine while military-owned Myanmar Economic Holding (MEH) will take 19 per cent.
Previously the mine at Monywa in central Myanmar was a joint venture between Wanbao and MEH.