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29 May, 2006
The global mining industry did produce one piece of good news over the past fortnight. Canadian mining house Ivanhoe announced it would withdraw from Burma, expressing to sources discomfort with having to deal with the military junta, which jointly owns a copper mine with Ivanhoe. The company will sell its 50% in the Monywa mine to a consortium of South Korean investors, including Daewoo International, which already has investment deals with the Burmese generals.
The Ivanhoe Mines exit will happen in a July 2006 sale. Last week, Burma’s military junta extended the house arrest on Aung San Suu Kyi, 1991 Nobel Peace Prize winner. Her strong voice for democracy and human rights in Burma has now been silenced for the past three years by the corrupt Burmese military rulers. In total, she has spent a total of ten of the past 17 years in detention.