Thursday, September 21, 2017

Halted jade mines to restart

The Ministry of Mines will open four jade mines in Kachin State at the end of the monsoon season, according to a ministry announcement on July 7.

The move to reopen the mines comes as the 51st jade emporium in Nay Pyi Taw generated record sales.

The four re-opened sites had been closed in 2012 due to conflict between the government and the Kachin Independence Army, but the fighting has quieted enough to restart mining, the announcement said.

To be re-opened on September 1, the mines at Lone-khin, Pharkent, Mawlu Mawhan and Khantee could add over US$2 billion to annual GDP.

Meanwhile, the 51st Myanmar Gems Emporium wrapped up in Nay Pyi Taw on July 6.

Some 7454 lots of jade were on display, along with gems and pearls, according to a release from the President’s Office.

About 7000 lots were to be sold from June 28 to July 3 through an open tender system, while 300 lots were to be sold from July 4 to 6 through a competitive system. The sale netted a record US$3.4 billion for state coffers, according to Reuters news service. The emporium held last year generated about $2.5 billion, local media reported at the time.