Local gold reaches new heights, market volatility forces suspension
The domestic gold trading market is going through a volatile period amid banking sector mistrust. Economic uncertainty, the rising value of the dollar against the kyat and fears over the banking sector have pushed gold to reach a record high of MMK 1
Banks close, gold traders urge calm
Banks and gold traders alike have urged calm amid rumors and uncertainty. Internet outages forced several banks to suspend operations over the weekend, and this week KBZ closed all of its Yangon branches after many of its workers walked out to join o
Gold prices rise globally, fall in Myanmar
Although the value of gold is rising on global markets, prices are falling in Myanmar. While gold is selling for around USD 1800 per ounce in the global market, Myanmar’s gold traders are currently selling for around USD 900 (MMK 1.22 million)
Chinese firm granted massive mining permit
A Chinese owned, Australian based mining firm has received a copper and gold exploration license in Sagaing Region. PanAust, an Australian-based company owned by Guangdong Rising Assets Management Co. Ltd., received the permit covering an area of 185
Government seeks to boost mining with new foreign permits
The Myanmar government will soon issue a wave of mining permits to foreign investors as it seeks to revitalize the industry. Starting in 2020, foreign firms will be allowed to explore and mine large-sized tracts of 500,000 acres, according to the Mya
