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Posted: Friday , 18 May 2012
RENO (MINEWEB) -
The Obama Administration Thursday announced that it will suspend sanctions against Burma (Myanmar), including restrictions on U.S. investment in the country's mining industry.
During joint remarks Thursday with Burma's Foreign Minister U Wunna Maung Lwin, U.S. Secretary of State Hillary Rodham Clinton said, "First, let me say that our presumption is that our companies will be able to deal in every sector of the economy with any business. ...The presumption is that our oil and gas companies, our mining companies, our financial services companies are all now free to look for investments that can be mutually benefits to Burma and them."
However, the policy change also include safeguards that will prevent U.S. companies from doing business with individuals who have engaged in human rights abuses and with companies with ties to Burma's military. The country's gem mining is believed to be tied to or directly benefitting the powerful Burmese military.
"We will keep our eyes wide open to try to ensure that anyone who abuses human rights or obstructs reforms or engaged in corruption do not benefit financially from increased trade and investment with the United States," Clinton stressed, "including companies owned or operated by the military."
A senior administration official said U.S. officials will determine what requirements will be placed on American companies going into Burma and how strictly they will be bound by those rules.
The White House also nominated Derek Mitchell, who serves as the U.S. special enjoy to Burma, to be the first American ambassador to Burma in 22 years.
Sen. Jim Webb, D-Virginia, chair of the Senate Foreign Relations East Asian and Pacific Affairs Subcommittee, announced his support for the administration's move to ease sanctions on Burma. "However, I continue to believe that U.S. Policy must be more proactive."
Webb noted the European Union lifted its sanctions against Burma last month, as did mining powers Australia and Canada. "The President has wider powers with respect to economic sanctions and he should use them to lift all economic sanctions," he said.
Senators John McCain, R-Arizona and Minority Leader Mitch McConnell, R-Kentucky, said in a joint statement, "Maintaining this suspension of sanctions, or easing sanctions further, will depend on greater progress by the Burmese government. We will continue to press for an end to Burma's military ties for North Korea; for the unconditional release of all remaining political prisoners; for an end to violence and oppression against the Kachin and other ethnic minority communities in Burma; and for additional democratic, economic, and constitutional reforms as determined by the Burmese people and their elected representatives."
U.S. Geological Survey reports say Burma produces a variety of mineral commodities including cement, coal, copper, lead, precious and semiprecious stones, tins, tungsten and zinc.
Caterpillar and other U.S. companies are already doing business in the country through third parties, according to the Financial Times. France, South Korea, Thailand and China have all invested in extractive industries in Burma.
Burma's largest mining project is the Tagaung Taung Nickel Mine which is owned by the China Nonferrous Metal Mining Company and the State of Myanmar.
U.S. mining and exploration companies can now officially join their Australian, Canadian, Chinese, European, French, Thai and Korean counterparts in the rush to develop Burma's mineral riches.
Author: Dorothy KosichPosted: Friday , 18 May 2012
RENO (MINEWEB) -
The Obama Administration Thursday announced that it will suspend sanctions against Burma (Myanmar), including restrictions on U.S. investment in the country's mining industry.
During joint remarks Thursday with Burma's Foreign Minister U Wunna Maung Lwin, U.S. Secretary of State Hillary Rodham Clinton said, "First, let me say that our presumption is that our companies will be able to deal in every sector of the economy with any business. ...The presumption is that our oil and gas companies, our mining companies, our financial services companies are all now free to look for investments that can be mutually benefits to Burma and them."
However, the policy change also include safeguards that will prevent U.S. companies from doing business with individuals who have engaged in human rights abuses and with companies with ties to Burma's military. The country's gem mining is believed to be tied to or directly benefitting the powerful Burmese military.
"We will keep our eyes wide open to try to ensure that anyone who abuses human rights or obstructs reforms or engaged in corruption do not benefit financially from increased trade and investment with the United States," Clinton stressed, "including companies owned or operated by the military."
A senior administration official said U.S. officials will determine what requirements will be placed on American companies going into Burma and how strictly they will be bound by those rules.
The White House also nominated Derek Mitchell, who serves as the U.S. special enjoy to Burma, to be the first American ambassador to Burma in 22 years.
Sen. Jim Webb, D-Virginia, chair of the Senate Foreign Relations East Asian and Pacific Affairs Subcommittee, announced his support for the administration's move to ease sanctions on Burma. "However, I continue to believe that U.S. Policy must be more proactive."
Webb noted the European Union lifted its sanctions against Burma last month, as did mining powers Australia and Canada. "The President has wider powers with respect to economic sanctions and he should use them to lift all economic sanctions," he said.
Senators John McCain, R-Arizona and Minority Leader Mitch McConnell, R-Kentucky, said in a joint statement, "Maintaining this suspension of sanctions, or easing sanctions further, will depend on greater progress by the Burmese government. We will continue to press for an end to Burma's military ties for North Korea; for the unconditional release of all remaining political prisoners; for an end to violence and oppression against the Kachin and other ethnic minority communities in Burma; and for additional democratic, economic, and constitutional reforms as determined by the Burmese people and their elected representatives."
U.S. Geological Survey reports say Burma produces a variety of mineral commodities including cement, coal, copper, lead, precious and semiprecious stones, tins, tungsten and zinc.
Caterpillar and other U.S. companies are already doing business in the country through third parties, according to the Financial Times. France, South Korea, Thailand and China have all invested in extractive industries in Burma.
Burma's largest mining project is the Tagaung Taung Nickel Mine which is owned by the China Nonferrous Metal Mining Company and the State of Myanmar.