Australian PanAust Group granted exploration licences under Myanmar’s new Mining Law
Australian PanAust Group granted exploration licences under Myanmar’s new Mining Law
Wuntho Resources Limited (Wuntho), a subsidiary of the Australian PanAust Group (PanAust), has become the first foreign mining company to be granted mining exploration licences since the passing of Myanmar’s new Mines Law in December 2015. Wuntho will have the right to explore and produce mineral resources in three mining blocks located in Hel Chain, Pin Hin Hka and Nam Awl in the Sagaing Region. The three blocks have a combined area of approximately 1400 square kilometre. The Sagaing Region is considered to be highly prospective for both copper and gold. PanAust is a subsidiary of Guangdong Rising H.K. (Holding) Limited, which is a wholly owned subsidiary of Guangdong Rising Assets Management Co. Ltd (GRAM). GRAM is a Chinese state-owned company regulated by the PRC’s State-owned Assets Supervision and Administration Commission. Wuntho will now commence geochemical sampling and mapping to identify potential drill targets before the end of 2016. Read more