Wanboa compensate $5m for the Lapadaungtaung project: Chinese ambassador
Published on Sunday, 09 December 2012 05:47
Chinese ambassador to Myanmar H.E Mr. Li Junhua told reporters on December 7 that Wanboa Company has already compensated $5 million for the Lapadaungtaung copper mine project which takes a total of 6000 acres, which means that it had paid 0.55 million kyats (around $644) per acre, at a press conference [in Yangon].
"Wanboa launched the project in 2010 jointly with the Union of Myanmar Economics Holdings Limited. It is in accordance with the Myanmar's laws in acquiring the villager's land. Then the actual price for an acre of land was just 5000 kyats (around $6) according to the law in the country. But Wanboa had paid 0.55 million kyats (around $644) per acre after negotiations with the local residents," he added.
He added that the company has also plans to build houses, hospitals, schools and monasteries for the local people.
He explains, "The Company has already built 200 houses, one primary school, one hospital, one monastery for the residents." He added that it can also be negotiated and claimed legally if the people are against such actions of Wanbao Company.
The ambassador also said, "Ending the project either because local people had misunderstood it or because they did not know the detail history, will not make a good image to those potential investors," adding that Wanbao Company's investment in the project amounts to US$ 1 billion and the project duration is 30 years.
"Profit after deduction of expenses will be shared proportionally with the ratio of 16.8 percent for Myanmar government, 13.8 for the Union of Myanmar Economic Holdings Ltd and 13.3 percent for Wanbao Company. Wanbao Company will make the investment, but the profit will be shared between three parties," he continued.
The Latpadaungtaung project was formerly run by the companies from Yugoslavia and Canada, and the Chinese Wanbao Company is the third one to handle the project.
Source: http://www.news.myanmaronlinecentre.com/2012/12/09/wanboa-compensate-5m-for-the-lapadaungtaung-project-chinese-ambassador/
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