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13 April, 2006
Canadian Ivanhoe Mines, one of the larger foreign investors in Burma, has been forced to temporarily close its copper mine in Burma for a few weeks last month. Problems related to the mine’s bank and insurance broker ending its relationships with the operation, a result of the economic sanctions that the US government installed on Burma. According to Ivanhoe, the mine has been reopened in the meantime, albeit at a lower level.
Company sources reportedly acknowledged that the US sanctions are making it increasingly difficult to work in Burma. The company also admitted having a few technical problems with the Burmese government, including on import permits. The Monywa Copper Project is operated as a joint venture between Ivanhoe Mines and the Burmese government. The Burmese government forces joint ventures on all foreign investors operating inside Burma, guaranteeing the dictatorial regime a steady flow of income.