Tuesday, February 19, 2008

Burma: Burma's gold - to Russia with love

Burma's state media has announced the Burmese military junta has agreed to allow Russia's Glory International Pte Ltd search for gold and other minerals in the country's northern Kachin State.

The exploration agreement was signed between Win Ti, Director-General of Burma's Geological Survey and Mineral Exploration Department, and Krivoshey Pavel, Chairman of Victorious Glory International Pte on Friday in Naypyitaw.

Under the agreement, Glory International will be allowed to search for gold and other minerals along the Uru River between Phakant in Kachin State and Homalin of Sagaing Division, The New Light of Myanmar newspaper said.

Glory International claims to be a Russian firm, however, its parent company Chandwin Projects Pte Ltd, also headed by Mr Pavel, was incorporated in Singapore only last year.

No prizes for guessing who will benefit from the agreement.