Australian Miner Eyes Opportunity Amid Conflict in Baldwin Mine Shan State

9/26/2017 Analysis: Australian Miner Eyes Opportunity Amid Conflict in Shan State
https://www.irrawaddy.com/news/burma/analysis-australian-miner-eyes-opportunity-amid-conflict-in-shan-state.html 1/10
Burma
Analysis: Australian Miner Eyes Opportunity
Amid Conflict in Shan State

By SEAMUS MARTOV 18 September 2017
A recent announcement from Myanmar Metals, a mining ﬁrm listed on the Australian
Stock Exchange, has described northern Shan State’s Bawdwin mining site as “one of
the largest underdeveloped” zinc, lead, silver and copper deposits in the world.
The company—which was, until August, known as Top End Minerals—is currently in the
process of acquiring mining rights for the locale.
It remains to be seen if the ﬁrm’s lofty predictions will be realized. Even if detailed,
ongoing studies of the area do indeed prove that the Bawdwin mine is as lucrative as
 Bawdwin mine site, as seen in 2015. / The Irrawaddy

Myanmar Metals hopes, developing and then running a mine in northern Shan State will
be accompanied by significant challenges.
A presentation released by the Perth-based Myanmar Metals describes Shan State as
“awash with opportunity,” yet much of Myanmar’s largest state continues to be awash
with drug and arms trade, as well as ongoing conflict.
Clashes between the military and several ethnic armed groups have persisted in recent
years across a wide stretch of countryside in northern Shan State. Namtu Township,
where the Bawdwin mine is located, has seen repeated clashes between the Ta’ang
National Liberation Army (TNLA) and Myanmar’s military, as recently as mid-September.
There has also been fighting between the TNLA and the Restoration Council of Shan
State (RCSS), an armed group presently in a ceasefire with the central government. The
TNLA continues to maintain a strong presence on the ground in the region despite
military efforts to drive them out.
While Myanmar Metals touts the mineral potential of Shan State and the Bawdwin site,
there does not appear to be any mention on the firm’s website or in its filings with stock
market regulators in Australia of the ongoing conflict and continued displacement of
thousands of refugees in the region. This arguably leaves potential investors with an
incomplete understanding of the situation on the ground in Namtu Township.
Other foreign mining firms who have sought to do business in northern Shan State
have come up against a range of difficulties. In October 2014, the Hong Kong-based
Asia Pacific Mineral Limited (APML) was granted an exploration permit for minerals in
the region, a concession that included areas adjacent to the Bawdwin mine site.
Reuters reported that just three days after APML was granted the permit, clashes
between the army and the TNLA broke out near their concession.
Rights and Ownership

According to Myanmar Metals, the company’s main priority with Bawdwin is “to obtain,
assess and validate the historical geology, drilling, underground sampling, and mining
data” that provided the basis for estimates, according to figures originally obtained by
another Australian firm, Mandalay Mining Co. NL (MMC). In the late 1990s, Mandalay
Mining had an exploration permit for the area around Bawdwin and conducted
feasibility work there, but the firm’s activities on the site were eventually suspended.
Whether the struggles Mandalay Mining faced when trying to move the project forward
some 20 years ago will affect Myanmar Metals today remains to be seen. Should the
firm go ahead with developing Bawdwin, it is likely that Myanmar Metals will face a
series of regulatory hurdles in addition to the logistical issues involved with operating in
a state that has been home to some form of civil war since the 1950s.
Myanmar Metals recently reached a deal with the local entity that currently controls the
rights for Bawdwin, which enabled the Australian firm to “secure the option to acquire
an 85% interest” in the mine. As part of the deal, Myanmar Metals paid what it
described as a non-refundable deposit of US$1.5 million to Win Myint Mo Industries Co.
(WMM). WMM have a mining and production sharing agreement for Bawdwin with
Mining Enterprise No. 1, a state owned entity held by the Ministry of Mines. Myanmar
Metals in turn borrowed the funds for this payment from Yandal Investments, a privately
held firm that is controlled by mining entrepreneur Mark Creasy, dubbed a “superstar
prospector” in his native Australia.
Information disclosed by Myanmar’s first ever Extraction Industries Transparency
Initiative (EITI) report, released in November 2015, indicates that WMM is 60 percent
owned by someone named Hla Myint Myanmar, with the remaining 40 percent owned
by Aye Aye Aung. While the pair are officially the owners on paper, WMM has been
described by local media covering Shan State as being a subsidiary of Asia World, the
conglomerate founded by Lo Hsing Han, a Kokang Chinese entrepreneur dubbed the
“Godfather of Heroin” by US officials in the 1970s. When The Irrawaddy visited

Bawdwin back in 2015, Asia World was maintaining a skeleton crew at the mine site,
which appeared to be barely functioning.
Lo Hsing Han’s son Steven Law, who inherited control of Asia World from his late father,
achieved a significant victory last year when both he and the company were removed
from the US sanctions list. However, the US treasury department has yet to retract its
claim describing the origins of Law’s career: “Steven Law joined his father’s drug
empire in the 1990s and has since become one of the wealthiest individuals in Burma,”
read the announcement about Law’s inclusion on the US sanctions list, which is still
accessible on the US government’s website.
A deal similar to the one put forward by Myanmar Metals saw Asia World make a
payment of $500,000 last November to acquire an option to buy a 60 percent stake in
Cornerstone Resources (Myanmar) Ltd (CRML). CMRL is an entity owned by Australian
and Chinese investors and that operates a zinc refinery in Lashio—a major town in
northern Shan State—as well as a zinc mine at Long Keng. The window for Myanmar
Metals to move forward with this buy expired in August.
Following in Herbert Hoover’s Footsteps
Bawdwin has been the site of mining operations for centuries. Before embarking on a
political career, young Herbert Hoover—President of the United States from 1929 until
1933—initially traveled the world working as a mining engineer, and first arrived at
Bawdwin in 1907, where both he and his wife contracted malaria. According to his
memoirs, he and his colleagues saw tiger tracks in one of the mineshafts during a field
visit. “To fight a Bengal tiger with a miner’s candlestick made no appeal whatever to
either of us. With no delay and with steadily increasing panic, we made for the
entrance. The tiger, fortunately, was not of an inquiring turn of mind and did not come
to greet us,” wrote Hoover about his time in what became known as “the tiger tunnel.”

Hoover’s involvement with and expansion of the Burma Mine Corporation at Bawdwin
earned him much of his fortune, according to his biographer; during the colonial period,
Bawdwin was considered one of the most lucrative mines in the world.
The Second World War saw much of the infrastructure at the mine severely damaged
by fighting. Though operations began again after the war, the mine’s nationalization in
1965 by General Ne Win’s newly installed regime led to a significant drop in production
at Bawdwin. New Zealand academic Peter John Perry chalked this up to
mismanagement in his book “Myanmar (Burma) Since 1962: The Failure of
Development.”
The site was also attacked during the Ne Win years by various armed groups at war
with the government. In 1974, Ne Win’s regime was forced to withdraw all foreign
advisers from the area, after a German mining technician working at Bawdwin was
kidnapped by an ethnic armed group and held for ransom, which the West German
government was compelled to pay.
The Bawdwin mine remained state-owned until it was sold off during the rapid wave of
privatization that took place at the end of Snr-Gen Than Shwe’s regime. Reports from
the area indicate that years of mining operations at Bawdwin have significantly polluted
the surrounding landscape, with toxic runoff from the site flowing into local waterways.
The result of decades of mining operations, has, in the words of one report from 2000,
left a “deleterious impact on the health of workers and local residents,” a legacy to be
considered as the rights to the site may shift once again to new prospectors.
Topics: Australia, Conflict, Environment, Investment, Mining, Natural Resources, Shan State
Seamus Martov
...


9/26/2017 ပဋိပက ကားက မ်းြပည်နယ်ကိ ဩစေ တးလျ သတ လပ်ငန်း မျက်စိကျေန
https://burma.irrawaddy.com/business/2017/09/25/143318.html 1/12
စ©°ပ³§°¬ရ°
ပဋ¨ပက‡·က§°က ရ´မ±°¶ပည±နယ±က¨ª ဩစ¬·တ°လ² သတ– Ë
လªပ±ငန±° မ²က±စ¨က²¬န

By Seamus Martov 25 September 2017
·သစ¬·တ°လ² စ¬တ§¯အ¨တ±ခ²¨န±°တ³င± စ§ရင±°သ³င±°ထ§°¬သ§ သတ– Ëတ«°¬ဖ§±¬ရ° ကªမ›ဏ©တခª¶ဖစ±သည¯±
Myanmar Metals ၏ မ·က§¬သ°မ©က ထªတ±¶ပန±ခ¯¬သ§ ¬·ကည§ခ²က±တ¬စ§င±တ³င± ရ´မ±°¶ပည±နယ±မ´
¬ဘ§±တ³င±°¬ဒသက¨ª ကမž§¬ပµတ³င± သ³ပ±၊ ခ၊ ¬င³ Ð´င¯± ¬·က°န©မ²§° ထªတ±ယ«ရန± အမ²§°အ¶ပ§°က²န±¬န
¬သ°သည¯± ¬နရ§မ²§°ထမ´ တခªအ¶ဖစ± ¬ဖ§±¶ပထ§°သည±။
·သဂªတ±လအထ¨ Top End Minerals အမည±¶ဖင¯± ရ´¨¬နခ¯¬သ§ Myanmar Metals က လက±ရ´¨ အခ²¨န±
တ³င± ထ¨ª¬နရ§က¨ª လªပ±က¨ªင±ခ³င¯± ရရ´¨¬ရ°အတ³က± ¹က¨Ë°စ§°¬နသည±။
 ရ´မ±°¶ပည±နယ± ¬¶မ§က±ပ¨ªင±° နမŸတ«¸မ¨ËÙနယ±ထက ¬ဘ§±တ³င±°မ¨ªင±°က¨ª ၂၀၁၅ ခªÐ´စ±အတ³င±°က ¶မင±ရစÎ± / ဧရ§ဝတ©

Myanmar Metals ၏ ¶မင¯±မ§°¬သ§ ခနÚ±မ´န±°မÊ အမ´န±တကယ±¶ဖစ±လ§¶ခင±° ရ´¨မရ´¨က ¬စ§င¯±·ကည¯±ရဦ°
မည± ¶ဖစ±သည±။ အ¬သ°စ¨တ± မသ¨ရ´¨ရ¬သ°ဟª ဆ¨ªလÀင±ပင± လက±ရ´¨¬ဆ§င±ရ³က±ဆ ¬လ¯လ§မÊမ²§°အရ
¬ဘ§±တ³င±°မ¨ªင±°က Myanmar Metals ¬မÀ§±လင¯±ထ§°သလ¨ª အက²¨Ë°အ¶မတ± မ²§°¶ပ§°မည± ¶ဖစ±¬·က§င±°
အမ´န±ပင± သက±¬သ¶ပ¬နသည±။ သ¨ªÚ¬သ§± ရ´မ±°¶ပည±နယ± ¬¶မ§က±ပ¨ªင±°တ³င± သတ– Ëတ³င±°တခª
တည±¬ထ§င±၍ လªပ±ငန±°လªပ±က¨ªင±¶ခင±°က သ¨သ§ထင±ရ´§°သည¯± စ¨န±¬ခµမÊမ²§°Ð´င¯± ဒ³န±တ³¬နလ¨မ¯±မည±
¶ဖစ±သည±။
·သစ¬·တ°လ²Ð¨ªင±င® Perth ပ¦¯သ±¸မ¨ËÙ အ¬¶ခစ¨ªက± Myanmar Metals ၏ ထªတ±¶ပန±ခ²က±တခªတ³င±
ရ´မ±°¶ပည±နယ±က¨ª ¹က©°မ§°¬သ§ အခ³င¯±အ¬ရ°မ²§° ရ´¨သည¯±¬နရ§ဟª ¬ဖ§±¶ပခ¯သည±။ သ¨ªÚ¬သ§±လည±°
¶မန±မ§Ð¨ªင±င®၏ ¶ပည±နယ±Ð´င¯±တ¨ªင±° မ²§°ထတ³င± အ¹က©°ဆª®° ¶ဖစ±သည¯± ရ´မ±°¶ပည±နယ±တ³င± မ«°ယစ±¬ဆ°Ð´င¯±
လက±နက±ကªန±သ³ယ±¶ခင±°က ¹က©°မ§°စ³§ ဆက±လက±ရ´¨¬နသလ¨ª ¶ဖစ±¬ပµ¬နဆ ပဋ¨ပက‡Ëလည±° ရ´¨သည±။
လတ±တ¬လ§Ð´စ±မ²§°အတ³င±°တ³င± ရ´မ±°¶ပည±နယ±¬¶မ§က±ပ¨ªင±°မ´ ¬က²°လက±¬ဒသမ²§°တ¬လÀ§က± ¶မန±မ§¯
တပ±မ¬တ§±Ð´င¯± တ¨ªင±°ရင±°သ§° လက±နက±က¨ªင± အဖ³Ùအစည±° အမ²§°အ¶ပ§°·က§° တ¨ªက±ပ³မ²§° ဆက±လက±
¶ဖစ±ပ³§°¬နခ¯သည±။ ¬ဘ§±တ³င±°မ¨ªင±° တည±ရ´¨ရ§¬နရ§ ¶ဖစ±သည¯± နမŸတ«¸မ¨ËÙနယ±တ³င± ¶မန±မ§¯တပ±မ¬တ§±
Ð´င¯± ပ¬လ§င± (တအ§င±°) အမ²¨Ë°သ§° လ³တ±¬¶မ§က±¬ရ° တပ±မ¬တ§± (TNLA) တ¨ªÚ·က§°၌ တ¨ªက±ပ³မ²§°
¶ဖစ±ပ³§°ခ¯သည±က¨ª ¶မင±¬တ³Ùရသည±။ စက±တင±ဘ§ လလယ±ပ¨ªင±°¬လ§က± အထ¨ ¶ဖစ±သည±။ အစ¨ª°ရÐ´င¯± အ
ပစ±အခတ±ရပ±စ¬ရ° သ¬ဘ§တ«ည©ခ²က± လက±မ´တ±ထ¨ª°ထ§°သည¯± တ¨ªင±°ရင±°သ§° လက±နက± က¨ªင±အဖ³Ùတ

ခª ¶ဖစ±¬သ§ ရ´မ±°¶ပည± ¶ပန±လည± ထ«¬ထ§င±¬ရ°¬က§င±စ© (RCSS) Ð´င¯± TNLA တ¨ªÚ·က§°တ³င±လည±°
တ¨ªက±ခ¨ªက±မÊ မ²§°ရ´¨¬နသည±။ တပ±မ¬တ§±က ဖယ±ရ´§°ရန± ¹က¨Ë°စ§°ခ¯¬သ§±လည±° TNLA က ¬ဒသတ³င±°
တ³င± ၎င±°၏ တည±ရ´¨မÊက¨ª ခ¨ªင±ခ¨ªင± မ§မ§ ဆက±လက±ထ¨န±°သ¨မ±°Ð¨ªင±ခ¯သည±။
Myanmar Metals က ရ´မ±°¶ပည±နယ±Ð´င¯± ¬ဘ§±တ³င±°¬ဒသမ´ သတ– Ëတ«°¬ဖ§±¬ရ° အလ§°အလ§မ²§°က¨ª
စန±°တင±¬န¬သ§± လည±° ကªမ›ဏ©၏ ဝက±ဆ¨ªက±¬ပµတ³င± သ¨ªÚမဟªတ± ·သစ¬·တ°လ²Ð¨ªင±င®မ´ စ¬တ§¯
¬ဈ°က³က±¹က©°·ကပ±¬ရ° အဖ³Ùသ¨ªÚ တင±သ³င±° သည¯± အခ²က±အလက±မ²§°တ³င± ဆက±လက± ¶ဖစ±¬ပµ¬န¬သ§
ပဋ¨ပက‡မ²§°Ð´င¯± ¬ဒသတ³င±°မ´ ¬ထ§င±Ð´င¯± ခ²©¬သ§ ¶ပည±သ«မ²§° ဒªက‡သည±ဘဝ ¶ဖင¯± ဆက±လက±၍ အ¨ª°မ¯
အ¨မ±မ¯ ¶ဖစ±¬နရ¶ခင±°မ²§°က¨ª ရည±Í¼န±°¬ဖ§±¶ပထ§°¶ခင±° မရ´¨ပ¦။ ထ¨ªÚ¬·က§င¯± ရင±°Ð´©°¶မÉËပ±Ð´®ရန±
အလ§°အလ§ရ´¨သ«မ²§° အ¬န¶ဖင¯± နမŸတ«¸မ¨ËÙနယ±မ´ လက±¬တ³Ù အ¬¶ခအ¬နမ²§°က¨ª အ¶ပည¯±အစª®
န§°လည±¶ခင±° မရ´¨သည¯± အ¬¶ခအ¬နသ¨ªÚ ¬ရ§က±¬စခ¯သည±။
ရ´မ±°¶ပည±နယ±¬¶မ§က±ပ¨ªင±°တ³င± စ©°ပ³§°¬ရ°လªပ±ရန± ¹က¨Ë°စ§°ခ¯¬သ§ အ¶ခ§° Ð¨ªင±င®¶ခ§° သတ– Ëတ«°¬ဖ§±¬ရ°
ကªမ›ဏ©မ²§°မ´§ အခက±အခမ²§°စ³§ ¬တ³Ùခ¯·က¸ပ©° ¶ဖစ±သည±။ ၂၀၁၄ ခªÐ´စ± ¬အ§က±တ¨ªဘ§လ ၂၄ ရက±¬နÚ
တ³င± ¬ဟ§င±¬က§င± အ¬¶ခစ¨ªက± Asia Paciﬁc Mineral Limited (APML) က¨ª အစ¨ª°ရက ¬ဒသအတ³င±°
တ³င± သတ– Ëရ´§¬ဖ³¬ရ° ပ¦မစ±ခ²ထ§°¬ပ°ခ¯သည±။ လªပ±က¨ªင±ခ³င¯± ရရ´¨¬သ§¬နရ§မ²§°ထတ³င± ¬ဘ§±တ³င±°မ¨ªင±°
¬နရ§Ð´င¯± ကပ±လÀက±ရ´¨¬သ§ ဧရ¨ယ§မ²§°လည±° ပ¦ဝင±သည±။ APML ပ¦မစ±ရရ´¨¸ပ©° ၃ ရက±ခနÚ±သ§ အ·က§
သ«တ¨ªÚ လªပ±က¨ªင±ခ³င¯± ရရ´¨သည¯± ¬နရ§အန©°တ³င± ¶မန±မ§¯တပ±မ¬တ§±Ð´င¯± TNLA ·က§° တ¨ªက±ပ³မ²§°
¬ပµ¬ပ¦က±လ§ခ¯¬·က§င±° Ñ¨ªက±တ§ သတင±°တခªက ဆ¨ªသည±။
ရပ¨ªင±ခ³င¯±Ð´င¯± ပ¨ªင±ဆ¨ªင±ခ³င¯±
Myanmar Metals ၏ အဆ¨ªအရ ¬ဘ§±တ³င±°¬ဒသတ³င± ကªမ›ဏ©၏ အဓ¨က ဦ°စ§°¬ပ°မ´§ ¬န§က±ထပ±
·သစ¬·တ°လ²ကªမ›ဏ©တခª ¶ဖစ±သည¯± Mandalay Mining Co. NL (MMC) က ရရ´¨ထ§°¬သ§
အခ²က±အလက±မ²§°အရ ခနÚ±မ´န±°တ³က±ခ²က±¬ရ° အတ³က± အ¬¶ခခ®¶ဖစ±¬စမည¯± ဘ«မ¨¬ဗဒသမ¨ªင±°၊ တ«°¬ဖ§±
¬ရ°၊ ¬¶မ¬အ§က± နမ«န§မ²§°Ð´င¯± သတ– Ëတ³င±° အခ²က±အလက±မ²§° တရ§°ဝင± ရရ´ှ¨¬ရ°¶ဖစ±သည±ဟª သ¨ရ
သည±။ Mandalay Mining က ၁၉၉၀ ¬Ð´§င±°ပ¨ªင±° Ð´စ±မ²§°တ³င± ¬ဘ§±တ³င±°ပတ±ဝန±°က²င± ဧရ¨ယ§တ
ဝ¨ªက±၌ ရ´§¬ဖ³¬ရ° လªပ±ငန±°မ²§° ¶ပËလªပ±ရန± ခ³င¯±¶ပËခ²က± ရရ´¨ခ¯¸ပ©° ¶ဖစ±Ð¨ªင±¬ခ² စ«°စမ±°¬လ¯လ§ မÊ လªပ±ငန±°
မ²§° ¬ဆ§င±ရ³က±ခ¯¬သ§±လည±° ¬န§က± ၃ Ð´စ±အ·က§တ³င± လªပ±ငန±°မ²§° ရပ±ဆ¨ªင±°သ³§°ခ¯သည±။

လ³န±ခ¯¬သ§ Ð´စ±¬ပ¦င±° ၂၀ ခနÚ±က Mandalay Mining ကªမ›ဏ© ရင±ဆ¨ªင±ခ¯ရ¬သ§ အခက±အခမ²§°က
ယခªအခ¦ Myanmar Metals က စ©မ®က¨န±°က¨ª ¬ရ´Ùဆက±¬ဆ§င±ရ³က±ရန± ¹က¨Ë°စ§°သည¯± အခ²¨န±တ³င±
သက±¬ရ§က±မÊ ¶ဖစ±၊ မ¶ဖစ±က¨ªမ« ¬စ§င¯±·ကည¯±ရဦ°မည±¶ဖစ±သည±။ ကªမ›ဏ©က ¬ဘ§±တ³င±°က¨ª တ¨ª°တက±
¬အ§င± ¬ရ´Ùဆက±¬ဆ§င±ရ³က±သင¯±သလ§°။ Myanmar Metals အ¬န¶ဖင¯± ၁၉၅၀ Ð´စ±မ²§°ကထက
¶ပည±တ³င±° စစ±ပ³မ²§° ရ´¨¬နခ¯¬သ§ ¶ပည±နယ±တခªတ³င± လªပ±ငန±°မ²§°¬ဆ§င±ရ³က±ရ§၌ ¬ထ§က±ပ®ံ¯ပ¨ªÚ¬ဆ§င±
¬ရ° ဆ¨ªင±ရ§ ¶ပဿန§မ²§°အ¶ပင± စည±°ကမ±°ဥပ¬ဒဆ¨ªင±ရ§ အခက±အခ အမ²§°အ¶ပ§°လည±° ရင±ဆ¨ªင±ရ
ဖ³ယ± ရ´¨¬နပ¦သည±။
¬ဘ§±တ³င±°က¨ª လက±ရ´¨ ထ¨န±°ခ²Ëပ±ခ³င¯±ရရ´¨ထ§°သည¯± ¶ပည±တ³င±° ကªမ›ဏ©တခªÐ´င¯± Myanmar Metals တ¨ªÚ မ
·က§¬သ°မ©က သ¬ဘ§တ«ည©ခ²က±တခª ရရ´¨ခ¯¸ပ©° သ¬ဘ§တ«ည©ခ²က±အရ Myanmar Metals က မ¨ªင±°၏
အစªရ´ယ±ယ§ ၈၅ ရ§ခ¨ªင±ÐÊန±°က¨ª ပ¨ªင± ဆ¨ªင±ခ³င¯± ရရ´¨မည± ¶ဖစ±သည±။ သ¬ဘ§တ«ည©ခ²က±အရ Myanmar
Metals က Win Myint Mo Industries Co. (WMM) သ¨ªÚ ¶ပန±¬ပ°ရန±မလ¨ªသည¯± အ§မခ®¬င³ အ¬မရ¨
ကန±¬ဒµလ§ ၁.၅ သန±° ¬ပ°အပ±ရမည± ¶ဖစ±သည±။ WMM သည± သတ– Ëတ³င±°ဝန±¹က©° ဌ§နပ¨ªင± အမ´တ± ၁
သတ– Ëတ³င±° လªပ±ငန±°Ð´င¯± ဖက±စပ±လªပ±က¨ªင±ခ³င¯± ရရ´¨ထ§°သည±။ WMM သ¨ªÚ ¬ပ°ရမည¯±¬င³က¨ª Myanmar
Metals က ပªဂˆလ¨က ကªမ›ဏ©တခª ¶ဖစ±သည¯± Yandal Investments ထ®မ´ ¬ခ²°ယ«မည± ¶ဖစ±¬·က§င±° သ¨
ရသည±။ Yandal Investments က¨ª ပ¨ªင±ဆ¨ªင±သ«မ´§ သတ– Ëတ«°¬ဖ§±¬ရ° လªပ±ငန±°ရ´င± တ¬ယ§က±¶ဖစ±သည¯±
Mr. Mark Creasy ¶ဖစ±¸ပ©° သ«Úက¨ª သ«၏ ဇ§တ¨ ·သစ¬·တ°လ²Ð¨ªင±င®တ³င± ထ¨ပ±တန±° သတ– Ëရ´§¬ဖ³¬ရ°
သမ§°တဦ° အ¶ဖစ± သ¨·ကသည±။
၂၀၁၅ ခªÐ´စ± Ð¨ªဝင±ဘ§လက ထªတ±¶ပန±ခ¯¬သ§ ¶မန±မ§Ð¨ªင±င®၏ ပထမဆª®°¬သ§ သဘ§ဝ သယ®ဇ§တ
ထªတ±ယ«¬သ§ လªပ±ငန±°မ²§° ပ³င¯±လင±°¶မင±သ§မÊ ¬ဖ§±¬ဆ§င±¬ရ° (EITI) အစ©ရင±ခ®စ§တ³င± ¬ဖ§±¶ပခ²က±
အရ WMM ၏ အစªရ´ယ±ယ§ ၆၀ ရ§ခ¨ªင±ÐÊန±°က¨ª ဦ°လ´¶မင¯±ဆ¨ªသ«က ပ¨ªင±ဆ¨ªင±¸ပ©° က²န± ၄၀ ရ§ခ¨ªင±ÐÊန±°က¨ª
ပ¨ªင±ဆ¨ªင±သ«မ´§ ¬ဒµ¬အ°¬အ°¬အ§င± ¶ဖစ±သည±။ သ«တ¨ªÚ ၂ ဦ°မ´§ စ§ရ³က±စ§တမ±°မ²§°¬ပµတ³င± WMM ၏
ပ¨ªင±ရ´င±မ²§° ¶ဖစ±·က¬သ§±လည±° ရ´မ±°¶ပည±နယ±သတင±°မ²§° ¬ရ°သ§°သည¯± ¬ဒသတ³င±° မ©ဒ©ယ§တခªက
WMM သည± Asia World ကªမ›ဏ© အªပ±စª၏ လªပ±ငန±°ခ³တခª ¶ဖစ±¬·က§င±° ¬ဖ§±¶ပခ¯သည±။ Asia World
က¨ª တည±¬ထ§င±သ«မ´§ က¨ª°ကနÚ±တÑªတ±လ«မ²¨Ë° စ©°ပ³§°¬ရ° လªပ±ငန±°ရ´င±တ¬ယ§က± ¶ဖစ±သည¯± ¬လ§±စစ±
ဟန± ¶ဖစ±¸ပ©° သ«Úက¨ª ၁၉၇၀ Ð´စ±မ²§°အတ³င±°တ³င± အ¬မရ¨ကန± အရ§ရ´¨မ²§°က ဘ¨န±°¶ဖÌလªပ±ငန±°၏
¬ခ¦င±°က¨ªင± ဖခင±အ¶ဖစ± အမည±တပ±ခ¯·ကသည±။ ၂၀၁၅ ခªÐ´စ±အတ³င±°က ¬ဘ§±တ³င±°သ¨ªÚ ဧရ§ဝတ©က
¬ရ§က±ရ´¨ခ¯ခ²¨န±တ³င± အလªပ±¶ဖစ±Ñª®မÀသ§ရ´¨သည¯± အသ³င±ရ´¨¬သ§ မ¨ªင±°¬နရ§တ³င± Asia World က ဝန±ထမ±°
အင±အ§° အနည±°ငယ±မÀ¬လ§က±Ð´င¯± လªပ±က¨ªင±¬နသည±က¨ª ¬တ³Ùခ¯ရသည±။

က³ယ±လ³န±သ« ဖခင± ¬လ§±စစ±ဟန±ထ®မ´ Asia World က¨ª အ¬မ³ဆက±ခ®ခ¯သည¯± စတ©ဗင±¬လ§ ¬ခµ ဦ°ထ³န±°
¶မင¯±Ð¨ªင± လက±ထက±တ³င± ထ«°ထ«°¶ခ§°¶ခ§° ¬အ§င±¶မင±မÊ ရရ´¨ခ¯သည±။ ¸ပ©°ခ¯သည¯± Ð´စ±အတ³င±°က သ«Ð´င¯±
သ«၏ ကªမ›ဏ©က¨ª အ¬မရ¨ကန± အစ¨ª°ရက အ¬ရ°ယ«ပ¨တ±ဆ¨ªÚသည¯± စ§ရင±°မ´ ပယ±ဖ²က±¬ပ°ခ¯သည±။
သ¨ªÚ¬သ§± အ¬မရ¨ကန± ဘÔ§¬ရ° ဌ§နက စတ©ဗင±¬လ§ ၏ လªပ±ငန±°မ«လ ဇစ±¶မစ±Ð´င¯± ပတ±သက±၍ သ«
တ¨ªÚ၏ ဖ³င¯±ဆ¨ªခ²က±က¨ª ယခªအခ²¨န±အထ¨ ¶ပန±လည±Ñªပ±သ¨မ±°¶ခင±° မရ´¨¬သ°ပ¦။ စတ©ဗင±¬လ§က¨ª အ¬ရ°ယ«
ပ¨တ±ဆ¨ªÚသည¯± စ§ရင±°တ³င± ထည¯±သ³င±°ရ¶ခင±° အ¬·က§င±°Ð´င¯± ပတ±သက±၍ “စတ©ဗင±¬လ§သည± ဖခင±¶ဖစ±
သ«၏ မ«°ယစ±¬ဆ°ဝ¦° အင±ပ¦ယ§ အတ³င±°သ¨ªÚ ၁၉၉၀ Ð´စ±မ²§°အတ³င±°တ³င± ဝင±¬ရ§က±လ§ခ¯¸ပ©° ထ¨ªအခ²¨န±
မ´ စ၍ ¶မန±မ§Ð¨ªင±င®၏ အခ²မ±°သ§ဆª®°သ«မ²§°ထတ³င± တဦ°အပ¦အဝင± ¶ဖစ±ခ¯သည±” ဟª ¬ဖ§±¶ပထ§°သည±
က¨ª အ¬မရ¨ကန± အစ¨ª°ရ၏ ဝက±ဆ¨ªက±တ³င± ¶မင±¬တ³Ù¬နရဆ ¶ဖစ±သည±။
Myanmar Metals ၏ ¬¶ခလ´မ±°က¯သ¨ªÚပင± အလ§°တ«¶ပËလªပ±ခ¯သည¯± သ¬ဘ§တ«ည©ခ²က±တခªမ´§ ¸ပ©°ခ¯
သည¯± Ð¨ªဝင±ဘ§လ အတ³င±° Cornerstone Resources (Myanmar) Ltd (CRML) ၏ ရ´ယ±ယ§ ၆၀
ရ§ခ¨ªင±ÐÊန±°က¨ª Asia World က ဝယ±ယ«ရန± အ¬မရ¨ကန±¬ဒµလ§ ၅၀၀၀၀၀ ¬ပ°¬ခ²ခ¯¶ခင±° ¶ဖစ±သည±။
CMRL သည± ·သစ¬·တ°လ²Ð´င¯± တÑªတ± ရင±°Ð´©°¶မÉËပ±Ð´®သ«မ²§° ပ¨ªင±ဆ¨ªင±သည¯± ကªမ›ဏ© ¶ဖစ±¸ပ©°
ရ´မ±°¶ပည±နယ±¬¶မ§က±ပ¨ªင±°၏ ¸မ¨ËÙ¬တ§± လ§°ÑØ°တ³င± သ³ပ± သနÚ±စင±စက±Ñª®တခª ဖ³င¯±လ´စ± လªပ±က¨ªင± ¬န¸ပ©°
က³တ±ခ¨ªင±¸မ¨ËÙနယ± လª®ကန± ¬ဒသတ³င± သ³ပ±မ¨ªင±°တခªလည±° ရ´¨သည±။ Myanmar Metals က အဆ¨ªပ¦
ဝယ±ယ«မÊÐ´င¯± ¬ရ´Ùဆက±လªပ±ရန± အခ³င¯±အ¬ရ°က ·သဂªတ±လတ³င± သက±တမ±°ကªန±ဆª®°ခ¯သည±။
Herbert Hoover ၏ ¬¶ခရ§မ²§°¬န§က±
¬ဘ§±တ³င±°တ³င± သတ– Ëတ«°¬ဖ§±¬ရ° လªပ±ငန±°မ²§° ရ´¨¬နသည±မ´§ ရ§စªÐ´စ±Ð´င¯± ခ²©ခ¯¸ပ© ¶ဖစ±သည±။ အ¬မရ¨
ကန± သမŸတအ¶ဖစ± ၁၉၂၉ ခªÐ´စ±မ´ ၁၉၃၃ ခªÐ´စ±အထ¨ ¬ဆ§င±ရ³က±ခ¯¬သ§ Herbert Hoover သည±
Ð¨ªင±င®¬ရ°¬လ§ကသ¨ªÚ မဝင±¬ရ§က±မ© လ«ငယ±ဘဝက သတ– Ëတ³င±° အင±ဂ²င±န©ယ§တဦ°အ¶ဖစ± လªပ±က¨ªင±ရင±°
ကမž§တလ¼§°သ¨ªÚ သ³§°ခ¯သည±။ ၁၉၀၇ ခªÐ´စ±တ³င± ¬ဘ§± တ³င±°သ¨ªÚ ပထမဆª®°¬ရ§က±ရ´¨လ§¸ပ©° သ«¬ရ§ သ«Ú
ဇန©°ပ¦ င´က±ဖ²§°¬ရ§ဂ¦ ရခ¯သည±။ သ«၏ မ´တ±တမ±°မ²§°အရ Herbert Hoover Ð´င¯± သ«၏
လªပ±¬ဖ§±က¨ªင±ဖက±မ²§°သည± ¬¶မစ¨ªက±တ³င±°တခªအန©°တ³င± က²§°¬¶ခရ§မ²§° ¶မင±ခ¯ရသည±။ “ဘဂÄလ§°
က²§°တ ¬က§င±က¨ª သတ– Ëတ³င±°လªပ±သ§°¬တ³သª®°တ¯ ဖ¬ရ§င±°တ¨ªင±စ¨ªက± ဆ«°ခ½န±နÚ ရင±ဆ¨ªင±မယ±ဆ¨ªရင± က²
¬န§±တ¨ªÚ တ¬ယ§က±မ´ အ¬¶ခ အ¬န¬က§င±°မ´§ မဟªတ±ဘ«°။ တ¶ဖည±°¶ဖည±° ပ¨ª¬·က§က±လ§တ§နÚ က²¬န§±
တ¨ªÚ အခ²¨န±မဆ¨ªင±°¬တ§¯ဘ ဝင±¬ပ¦က±က¨ª ¬ရ§က± သ³§°·ကတယ±။ က®¬က§င±°¬ထ§က±မစ³§နÚပ က²§°က

စ«°စမ±°ခ²င±စ¨တ±ရ´¨ပª®မရဘ«°။ သ«က က²¬န§±တ¨ªÚဆ© မလ§ဘ«°” ဟª Herbert Hoover က ¬ရ°သ§°ခ¯သည±။
ထ¨ª¬နရ§၌ ¬ဖ§က±လªပ±ခ¯¬သ§ ဥမင±က¨ª က²§°ဥမင± ဟª သ«က အမည±¬ပ°ခ¯သည±။
Herbert Hoover ၏ ¹က¨Ë°စ§°မÊÐ´င¯± Burma Mine Corporation ၏ ¬ဘ§±တ³င±°တ³င± လªပ±ငန±°မ²§°
ခ²Ùထ³င±မÊမ²§°¬·က§င¯± သ«၏ အန§ဂတ±အတ³က± မ²§°စ³§ အက²¨Ë°¶ဖစ±ခ¯သည±ဟª Herbert Hoover ၏ အ
ထªပ›တ– ¨¬ရ°သ§°သ«က ဆ¨ªသည±။ အဂÄလ¨ပ± က¨ªလ¨ªန© ¬ခတ±အတ³င±°တ³င± ¬ဘ§±တ³င±°က ကမž§¬ပµတ³င±
အက²¨Ë°အ¶မတ± အမ²§°ဆª®° မ¨ªင±°တ³င±°မ²§°ထမ´ တခªအ¶ဖစ± သတ±မ´တ±ခ¯·ကသည±။
ဒªတ¨ယ ကမž§စစ±အတ³င±°တ³င± တ¨ªက±ပ³မ²§°¬·က§င¯± မ¨ªင±°မ´ အ¬¶ခခ® အ¬ဆ§က±အဦ° အမ²§°အ¶ပ§° ဆ¨ª°
ဆ¨ª°ရ³§°ရ³§° ထ¨ခ¨ªက± ပ²က±စ©°ခ¯ရသည±။ စစ±¸ပ©°သ³§°¸ပ©°¬န§က± လªပ±ငန±°မ²§° ¶ပန±လည±စတင±Ð¨ªင±ခ¯
¬သ§±လည±° ၁၉၆၅ ခªÐ´စ±တ³င± ဗ¨ªလ±ခ²Ëပ±¹က©° ¬နဝင±°၏ အ§ဏ§သ¨မ±° စစ±အစ¨ª°ရသစ±က မ¨ªင±°က¨ª
¶ပည±သ«ပ¨ªင±သ¨မ±°လ¨ªက±¸ပ©° ¬န§က±တ³င± ¬ဘ§±တ³င±°က ထªတ±လªပ±မÊ သ¨သ¨သ§သ§ က²ဆင±°သ³§°ခ¯သည±။
နယ«°ဇ©လန±Ð¨ªင±င®သ§° ပည§ရ´င± တဦ°¶ဖစ±သည¯± Peter John Perry က သ«၏ “Myanmar (Burma)
Since 1962: The Failure of Development” စ§အªပ±တ³င± ထ¨ªသ¨ªÚ က²ဆင±°သ³§°ရ¶ခင±°မ´§ မ´§°ယ³င±°
¬သ§ စ©မ®ခနÚ±ခ³မÊမ²§°¬·က§င¯±ဟª မ´တ±တမ±°တင±ခ¯သည±။
ဗ¨ªလ±ခ²Ëပ±¹က©° ¬နဝင±°လက±ထက±တ³င± အစ¨ª°ရÐ´င¯± စစ±¶ဖစ±¬န¬သ§ တ¨ªင±°ရင±°သ§° လက±နက±က¨ªင± အဖ³Ù
အမ²¨Ë°မ²¨Ë°ကလည±° မ¨ªင±°က¨ª တ¨ªက±ခ¨ªက±ခ¯·ကသည±။ ၁၉၇၄ ခªÐ´စ±တ³င± ¬ဘ§±တ³င±°၌ အလªပ±လªပ±¬န¬သ§
ဂ²§မန©Ð¨ªင±င®သ§°ပည§ရ´င± တဦ°က¨ª တ¨ªင±°ရင±°သ§°လက±နက±က¨ªင± အဖ³Ùတခªက ¶ပန±¬ပ°ဆ³၍ ¬င³¬ပ°၍
¶ပန±¬ရ³°ရန± အ¬န§က±ဂ²§မန© အစ¨ª°ရထ® ¬တ§င±°ဆ¨ªခ¯¸ပ©° ¬န§က±ပ¨ªင±° ဗ¨ªလ±ခ²Ëပ±¹က©° ¬နဝင±° အစ¨ª°ရက ထ¨ª
ဧရ¨ယ§ အတ³င±°မ´ Ð¨ªင±င®¶ခ§°သ§° အ·က®¬ပ°မ²§° အ§°လª®°က¨ª အတင±°အက²ပ± ¶ပန±ထ³က±¬စခ¯သည±။
¬ဘ§±တ³င±°မ¨ªင±°သည± ဗ¨ªလ±ခ²Ëပ±မ´Ì°¹က©° သန±°¬ရ¼ ဦ°¬ဆ§င±သည¯± စစ±အစ¨ª°ရ¬ခတ± အကªန±ပ¨ªင±°မ´ ပªဂˆလ¨က
ပ¨ªင±¶ပËလªပ±¬ရ°မ²§° အရ´¨န±¶မÉင¯± ¶ပËလªပ±ခ¯သည¯± အခ²¨န±အထ¨ Ð¨ªင±င®ပ¨ªင±အ¶ဖစ± ရ´¨¬နခ¯သည±။ ¬ဘ§±တ³င±°တ³င±
Ð´စ±¬ပ¦င±°မ²§°စ³§ သတ– Ëတ«°¬ဖ§±¬ရ°မ²§° လªပ±က¨ªင±ခ¯¶ခင±°¬·က§င¯± ပတ±ဝန±°က²င± ¬ရ¬¶မသဘ§ဝမ´ သ¨သ¨
သ§သ§ ညစ±ညမ±°¬န¸ပ©° လªပ±ငန±°မ´ ထ³က±သည¯± အဆ¨ပ± အ¬တ§က±မ²§°က ¬ဒသခ®မ²§° သª®°စ³သည¯±
¬ရ¬·က§င±°မ²§° အတ³င±°သ¨ªÚ ဝင±¬ရ§က±¬န¬·က§င±° ထ¨ª¬ဒသမ´ ရရ´¨သည¯± သတင±°မ²§°က ¬ဖ§±¶ပ
¬နသည±။ ဆယ±စªÐ´စ±မ²§°စ³§ သတ– Ëတ«°¬ဖ§±¬ရ°မ²§° ¶ပËလªပ±ခ¯သည¯± အက²¨Ë°ဆက±အ¬န¶ဖင¯± ၂၀၀၀ ခªÐ´စ±
က ထªတ±¶ပန±ခ¯¬သ§ အစ©ရင±ခ®စ§တခª၏ အဆ¨ªအရ လªပ±သ§°မ²§°Ð´င¯± ¬ဒသခ®မ²§°တ¨ªÚ၏ က²န±°မ§¬ရ°
အ¬ပµ အÐ–ရယ± တခª က²¬ရ§က±¬စခ¯သည±ဟª သ¨ရသည±။ ထ¨ª¬နရ§မ´ (ဆª®°ÑÊ®°¬န¬သ§) အခ³င¯±အ¬ရ°

မ²§°အတ³က± စÎ±°စ§°ရမည¯±တ§ဝန±က သတ– Ëရ´§¬ဖ³တ«°¬ဖ§±သ« အသစ±မ²§°ထ®သ¨ªÚ ¬¶ပ§င±°¬ရ¼Ùသ³§°Ð¨ªင±
ပ¦သည±။
(ဧရ§ဝတ© အဂÄလ¨ပ±ပ¨ªင±°တ³င± ¬ဖ§±¶ပထ§°¬သ§ Seamus Martov ၏ Analysis: Australian Miner
Eyes Opportunity Amid Conﬂict in Shan State က¨ª ဘ§သ§¶ပန±သည±)
Topics: ¬ဘ§±တ³င±°, ရ´မ±°¶ပည±နယ±
Seamus Martov
ဧရ§ဝတ©

သတင±°
NCA လက±မ´တ±¬ရ°ထ¨ª°ရန± ¸င¨မ±°ခ²မ±°¬ရ°¬က§±မရ´င±က
UNFC အ§° တ¨ªက±တ³န±°

Bloomberg the Company & Its Products 1 Bloomberg Anywhere Login
(https://bba.bloomberg.net/?
utm_source=bloomberg-
menu&utm_medium=bcom)
Bloomberg Terminal Demo Request
(http://www.bloomberg.com/professional/request-
demo/?utm_source=bloomberg-
menu&utm_medium=bcom&bbgsum=DG-WS-
PROF-DEMO-bbgmenu)
Bloomberg
(http://www.bloomberg.com)
5
Markets
(http://www.bloomberg.com/markets) (http://w
Myanmar Metals Ltd
Public Company
Company Profile
Sector: Materials
Industry: Metals & Mining
Sub-Industry: Base Metals
Myanmar Metals Limited offers mining services. The Company provides production, extraction, and distribution of zinc, copper, nickel, silver, lead, and
other minerals. Myanmar Metals serves customers in Australia and Myanmar.
Corporate Information
Address:
6 Richardson Street
Suite 1
West Perth, WA 6005
Australia
Phone: 61-8-9226-0866 (tel:61-8-9226-0866)
Fax: 61-8-9486-7375 (tel:61-8-9486-7375)
Web url: www.myanmarmetals.com.au (http://www.myanmarmetals.com.au)
Board Members
NON-EXEC CHAIRMAN COMPANY
John Lamb (/profiles/people/20225174-john-lamb) Myanmar Metals Ltd
(/profiles/companies/MYL:AU-myanmar-metals-
ltd)
Feedback (/feedback)
Take the power of
Bloomberg with you.
Install Bloomberg for Chrome
(https://chrome.google.com/webstore/deta

Terms of Service (http://www.bloomberg.com/tos) Trademarks (http://www.bloomberg.com/trademarks)
Privacy Policy (http://www.bloomberg.com/privacy)
©2017 Bloomberg L.P. All Rights Reserved
Careers (http://www.bloomberg.com/careers/?utm_source=dotcom&utm_medium=footer) Made in NYC (http://nytm.org/made-in-nyc)
Advertise (http://bloombergmedia.com/) Ad Choices (http://www.bloomberg.com/privacy#advertisements)Website Feedback (http://www.bloomberg.com/feedback)
Help (http://www.bloomberg.com/help)
SECRETARY COMPANY
Rowan Caren (/profiles/people/15936694-rowan-caren) Hexagon Resources Ltd
(/profiles/companies/HXG:AU-hexagon-
resources-ltd)
BOARD MEMBERS COMPANY
Jeffrey Moore (/profiles/people/1812387-jeffrey-moore) Riedel Resources Ltd
(/profiles/companies/RIE:AU-riedel-resources-
ltd)
Chief Executive Officer
Peter James Lee (/profiles/people/1404525-peter-james-lee) Chief Financial Officer
Rowan St John Caren (/profiles/people/15936694-rowan-st-john-
caren)
Secretary
Key Executives
Mordechai Z Gutnick
Take the power of
Bloomberg with you.
Install Bloomberg for Chrome
(https://chrome.google.com/webstore/deta

9/26/2017 Projects- Myanmar - MML
https://myanmarmetals.com.au/projects-myanmar/ 1/5
Projects- Myanmar

Introduction
Bawdwin (from the Shan for Silver Mine) is a lead-zinc-silver deposit that also produced accessory nickel and cobalt. It is
hosted in an isolated late Cambrian to early Ordovician volcanic centre in the northern Shan State of Myanmar.

Bawdwin is located about 60 km from Lashio, the capital of the northern Shan State.  Lashio is about 150 km from the Chinese
border on the highway that links Yunnan to Mandalay.
Mineralisation at Bawdwin is structurally controlled within steeply-dipping, cross-cutting lodes.  It has generally considered to
be a VHMS (volcanic-hosted massive sulphide) deposit that has been strongly structurally modi ed, however an alternative
structurally-controlled magmatic-hydrothermal genesis is possible.
Before WW2, Bawdwin was one of the richest mines in the British Empire.  In 1938, the Bawdwin reserve was quoted at 10.8 Mt
at 22.8% Pb, 13.9% Zn, 1.05% Cu and 670 g/t Ag, which is unusually high Pb:Zn ratio for a VHMS deposit.
Historical Exploration and Production
Mining of silver at Bawdwin dates at least to the 15th Century and estimated historical production is estimated at c.10M oz of
Ag.
The British mining era commenced c.1906 when Great Eastern Mining Company started exploiting old mine slags.  Burma
Corporation was established in 1914 (by Herbert Hoover), and developed the Dead Chinaman Tunnel, Marmion Sha and
Tiger Tunnel to access deeper sulphide ore.  Peak production occurred from 1919 to 1940 with total production reported as
12.68M tonnes.  Grades mined in the 1930’s were typically c.20% Pb, 15% Zn, 0.3% Cu, and 500g/t Ag.  Signi cant Ni and Co was
also present in parts of the mine but resource and production gures are not available.  A ROM (run-of-mine) sample reported
by Dunn (1973) had grades of 21% Pb, 15% Zn, 0.3% Cu, 0.23% Ni, 0.08% Co, 550 g/t Ag, and 1.2% Sb.
The plant and smelter were worked by the Japanese a er invasion but were destroyed during the war.  The operation was re-
opened in 1951 and continued under British ownership until 1965 when the mine was nationalised.  Following nationalisation,
the mine was run down and starved of capital investment. To illustrate the progressive decline, re ned lead metal production
fell from 77,700 tonnes in 1938 to 16,518 tonnes in 1960 and 4,843 t in 1974/75.
The rst documented exploration programme occurred from 1955-57 when Hunting completed geophysical and geochemical
exploration around Bawdwin.  They were engaged by Burma Corporation to discover new deposits motivated by declining
grades and production from the main lodes.
Historical Resources and Reseves

In 1962-1964, UNSFP completed drilling and estimated ‘ore reserves’ and provided exploration consulting.  The UN created
polygonal “reserve” boundaries in 1963 (underground) and 1980 (open pit).
In 1973-74, the Canadian International Development Agency (CIDA) completed a signi cant drilling programme.
In 1973-76, the German Geological Mission completed geochemical and geophysical exploration and geological mapping.  A
total of 22 drillholes were completed at this time.
In 1976, a polygonal “reserve” (long tons) for the main lodes was reported based on a mining cut-o grade of 5% Pb:
Underground 6.69 Mt at 7.59% Pb, 3.54% Zn, 151 g/t Ag, 0.15% Cu
Open Pit 9.69 Mt at 5.37% Pb, 2.54% Zn, 0.25% Cu (no Ag reported)
In 1987, AMDEL working for the Australian International Development Assistance Bureau (AIDAB) completed assessments of
Bawdwin and Namtu slags focused on metallurgy and processing options.  The programme also reviewed the Bawdwin mine
potential (Hopwood, 1985).
In 1997, RSG (for Mandalay Mining) reported (under JORC guidelines, although the terminology is not presently JORC-
compliant) a mineral resource that included the lower grade halo mineralisation outside the main lodes:
Total Resource 104.3 Mt at 5.61% Pb, 2.34% Zn, 0.21% Cu, 71 g/t Ag
(at 2% Pb cut-o )
Indicated Resource 23.81 Mt at 6.49% Pb, 2.84 % Zn, 0.26% Cu, 177 g/t Ag (at 4% Pb cut-o )
“Recoverable resource” 94.5 Mt at 6.49% Pb, 2.84% Zn, 0.26% Cu, 118 g/t Ag
Estimates were based on limited drilling and extensive underground sampling.  A total of 65 diamond drill holes were
completed from 1956-88, mostly in the period 1973-75 (CIDA).  Most holes were shallow (80- 150m) and recoveries were poor.

Mining appears to have been guided by underground visual control and channel sampling for grade control.  Resources and
reserves were not drilled out in advance of mining.  It was reported that 66% of ore mined from 1962-1973 came from outside
reserve boundaries.
Underground mining cut-o in the 1990’s was 5% Pb.  Mining and processing cost for ore was US$32/t, and for waste US$1.7/t.
Development Strategy
The recent, sustained increase in the international price for zinc metal and strong underlying demand for zinc supply
reinforces the Board’s positive outlook for zinc production.  The Company therefore seeks to establish itself as a signi cant
regional metals producer based in Myanmarwith a focus on base metals and accompanying silver, copper, cobalt, nickel, gold
and other by-products.
Upon exercise of the “Bawdwin Option”, Myanmar Metals Limited could ultimately be established as a producer of zinc metal
in Myanmar.
This can be achieved in the short-medium-term by producing metals concentrates (principally lead/zinc/silver) from a
potential open pit at Bawdwin and in the longer term by producing metals concentrates from the Great Bawdwin Mine if
successful modern exploration shows that Bawdwin can be reopened as a safe, modern, high-productivity underground mine.
Accordingly, the Board remains focused on progressing both the “Bawdwin Option” – for an 85% participating interest in the
Bawdwin zinc/lead/silver/copper polymetallic mine lease held by Win Myint Mo Industries Co Ltd.

9/26/2017 September 2017 - MML
https://myanmarmetals.com.au/2017/09/ 1/4
Month: September 2017
Drilling and Channel Sampling Results at Bawdwin Project
POSTED BY
Highlights
First drilling programme completed at The Bawdwin Lead-Zinc-Silver-Copper Project since the 1980’s
Diamond drilling programme totalled 21 holes for 2965.6 metres supported by channel sampling in the shallow open
pit
Mineralisation con rmed outside of the known high-grade lodes that supported the historic mine, extending to
surface in the open pit
CSA global site assessment of geology and development options completed in August 2017
New Mineral Resource estimate and JORC Resource Report underway
Mineral Resource Report will underpin a Sourcing Study to assess an open-pit mine development strategy at
Bawdwin
14
SEP
 0

Drilling Results include: (note the intervals are down-hole length, not true width, a full list of composites with cut-o
criteria is tabulated in appendix 1)
Drilling Results include: (note the intervals are down-hole length, not true width, a full list of composites with cut-o
criteria is tabulated in appendix 1)
CHDD001- 25.3m at 9.5% Pb, 2.5% Zn and 189g/t Ag from 56.5m;
CHDD001- 2.2m at 2.3% Cu, 121g/t Ag, 1.07% Ni, and 0.42% Co from 86.8m;
CHDD001- 17.0m at 15.4% Pb, 5.7% Zn, 319 g/t Ag, 0.9% Cu, 0.15% Ni and 0.39% Co from 104m;
CHDD002A- 6.6m at 2.4% Cu, 1.8% Pb, 123 g/t Ag, 0.56% Ni and 0.25% Co from 81.6m;
CHDD003- 4.3m at 2.1% Cu, 1.2% Pb and 75 g/t Ag from 64.35m;
CHDD003- 10.3m at 20.5% Pb, 2.2% Zn, 0.5% Cu, 540 g/t Ag from 0.12% Ni and 0.28% Co from 50.6m;
CHDD004- 9.3m at 8.2% Pb, 4.9% Zn and 73 g/t Ag from 64.35m;
CHDD008- 30.5m at 11.5 Pb, 7.5% Zn and 291 g/t Ag from 102.5m;
CHDD009- 8.0m at 1.4% Cu, 4.8% Pb, 1.5% Zn and 222 g/t Ag from 41m;
CHDD009- 10.8m at 9.9% Pb, 16.9% Zn and 251 g/t Ag from 51.5m;
CHDD011- 12.0m at 1.0% Cu, 4.7% Pb, 2.6% Zn and 292 g/t Ag from 16m;
CHDD011- 4.0m at 2.3% Cu, 1.9% Pb and 133 g/t Ag from 48.6m;
SHDD001- 10.0m at 5.6% Pb, 6.3% Zn and 159 g/t Ag from 219. 7m; and
SHDD001- 11.0m at 12.0% Pb, 4.5% Zn and 299 g/t Ag from 227.7m
Channel Sampling results include (note the intervals are along-channel length, not true width, a full list of composites with
cut-o criteria is tabulated in Appendix 2):
B12- 8.0m at 5.0% Pb, 15.9% Zn and 180 g/t Ag from 3.7m;
B29- 11.5m at 5.25% Pb, 8.32% Zn and 73 g/t Ag from 22m;
B109- 8.0m at 19.5% Pb, 4.7% Zn, 0.4% Cu and 293 g/t Ag from 8.5m;
CH002- 9.0m at 17.6% Pb, 5.2% Zn, 0.7% Cu and 472 g/t Ag from 0m;
CH004- 10.7m at 8.0% Pb, 7.2% Zn, 1.5% Cu and 250 g/t Ag from 16.8m;
CH005- 7.5m at 4.5% Pb, 13.3% Zn and 129 g/t Ag from 21m;
CH006- 7.5m at 5.1% Pb, 7.6% Zn, 0.6% Cu and 350 g/t Ag from 31.5m;
CH009- 8.0m at 6.4% Pb, 17.0% Zn and 142 g/t Ag from 0m;

CH010-25.0m at 16.3% Pb, 14.6% Zn, 0.3% Cu and 560 g/t Ag from 22m; and
CH011- 8.5m at 5.1% Pb, 12.1% Zn and 129 g/t Ag from 5m.
Change of Name and New Website
POSTED BY
Myanmar Metals Limited (“the Company”) (“MYL”), is pleased to con rm that the Company’s name change
has been nalised with ASX systems.
The shares and options have commenced trading under the MYL and MYLO symbols.
The Company’s new name clearly marks our focus on the development of mining and
processing operations in Myanmar, centred on the Bawdwin Pb‐Zn‐Ag‐Cu mine.
Myanmar Metals Limited has an option to take an interest of up to 85% of this Tier 1 asset and
is currently progressing technical, commercial and legal due diligence along with our partner
and current owner Win Myint Mo Industries Co Ltd.
This is an outstanding opportunity to develop a regionally signi cant producer of lead and
zinc in a tight global market for these commodities.
The Company’s new website can be viewed at www.myanmarmetals.com.au
Yours faithfully,
John Lamb
Chairman
01
SEP
 0

9/26/2017 Myanmar Metals Ltd puts its focus squarely on Bawdwin Zinc-Lead-Silver-Copper Mine
http://www.proactiveinvestors.com.au/companies/news/182897/myanmar-metals-puts-its-focus-squarely-on-bawdwin-zinc-lead-silver-copper-mine-182897.html 1/6
Home (/) / News (/page/37) / Articles (/articles) / (http://www.proactiveinvestors.com.au/ASX:./Proactive-Investors-Australia/)
Myanmar Metals was formally known as Top End Minerals.
Myanmar Metals puts its focus squarely on Bawdwin Zinc-Lead-Silver-Copper Mine
13:03 24 Aug 2017 Share
Shares in the company have climbed on today's news
(/)

9/26/2017 Myanmar Metals Ltd puts its focus squarely on Bawdwin Zinc-Lead-Silver-Copper Mine
http://www.proactiveinvestors.com.au/companies/news/182897/myanmar-metals-puts-its-focus-squarely-on-bawdwin-zinc-lead-silver-copper-mine-182897.html 2/6
VIEW FULL . PROFILE VIEW PROFILE (HTTP://WWW.PROACTIVEINVESTORS.COM.AU/ASX:./PROACTIVE-INVESTORS-AUSTRALIA/)
Proactive Investors (/teams/details/193/Proactive%20Investors)
(mailto:action@proactiveinvestors.com) (/teams/rss/193/Proactive%20Investors)
Myanmar Metals Ltd (ASX:MYL) (formally Top End Minerals ASX:TND (http://www.proactiveinvestors.com.au/ASX:TND/Top-End-Minerals-Ltd/)) has provided an update on the option to acquire a 60% stake in Cornerstone
Resources (CRML).
CRML owns the Lashio Zinc Re nery and the (non‐operational) Longh Keng mine.
The company’s option has expired, and the board noted that the proposed acquisition cost for a 60% interest in CRML of US$43 million, plus the value of inventory was substantial, and the company would have required
satisfactory evidence of a long‐term feedstock to justify that cost.
Shares in the company have jumped 14.3% to $0.064 on high volume.
John Lamb, chairman, commented: "Whilst we were certainly interested in CRML, the acquisition cost was prohibitive given the limited amount of guaranteed feedstock for the Lashio Re nery.
"We would have appreciated an extension of the option period in order to determine the existence of that feedstock, or a negotiated outcome to re ect the uncertainty.
"Regardless, we respect the CRML shareholder’s position.
"As a result, it is in the best interests of shareholders that we focus 100% of our energies on Bawdwin which is by far the bigger prize and a unique opportunity for a junior resources company.
"We look forward to reporting the initial JORC resource shortly and we are working closely and cooperatively with our partner Win Myint Mo to achieve this."
Focus on the Bawdwin Mine in Myanmar
The Bawdwin lease covers 38 square kilometres and includes the historical Bawdwin Mine as well as a large halo of lower-grade material, some of which is amenable to open pit mining.
The historical Bawdwin Mine was reputedly one of the richest mines in the British Empire before World War II.
The mining reserve in 1938 was reported at 10.8 million tonnes at 14% zinc, 23% lead, 1% copper and 670 g/t silver.
Bawdwin was a world-class mine when in production and occurs in a volcanic complex that has never experienced systematic modern exploration.
(/teams/details/193/Proactive%20Investors)
Share
 
REGISTER HERE TO BE NOTIFIED OF FUTURE . COMPANY ARTICLES (/REGISTER)
PROACTIVE INVESTORS AUSTRALIA TIMELINE (HTTP://WWW.PROACTIVEINVESTORS.COM.AU/ASX:./PROACTIVE-INVESTORS-AUSTRALIA/TIMELINE/)
17:50
MEDICAL CANNABIS 101, THE PLANT USED IN MEDICINE FOR 12,000 YEARS: ASX PLAYS (/COMPANIES/NEWS/184549/MEDICAL-CANNABIS-101-THE-PLANT-USED-
IN-MEDICINE-FOR-12000-YEARS-ASX-PLAYS-184549.HTML)
ARTICLE
14:27
OPENDNA TO DEPLOY ITS ARTIFICIAL INTELLIGENCE SYSTEM INTO GAIA ONLINE (/COMPANIES/NEWS/184562/OPENDNA-TO-DEPLOY-ITS-ARTIFICIAL-
INTELLIGENCE-SYSTEM-INTO-GAIA-ONLINE-184562.HTML)
NEWSWIRE
11:45
KAIROS MINERALS AMONG ASX MOST TRADED AS SHARES DOUBLE IN A WEEK (/COMPANIES/NEWS/184556/KAIROS-MINERALS-AMONG-ASX-MOST-TRADED-
AS-SHARES-DOUBLE-IN-A-WEEK-184556.HTML)
NEWSWIRE
10:45
KYCKR GETS A LIFT AFTER SIGNING DATA SERVICES DEAL WITH IBM (/COMPANIES/NEWS/184552/KYCKR-GETS-A-LIFT-AFTER-SIGNING-DATA-SERVICES-DEAL-
WITH-IBM-184552.HTML)
NEWSWIRE

9/26/2017 July 2017 - MML
Month: July 2017
Top End Minerals Corporate Update
POSTED BY
As previously announced, a complete Board change was completed at Top End Minerals Limited (ASX: TND) (“TND” or
“the Company”) on 19 June 2017. The new Board has the committed support of the Company’s nanciers.
The new Board comprises Mr John Lamb as Non-Executive Chairman, Mr Je rey Moore as NonExecutive Director and Mr
Rowan Caren as Non-Executive Director and Company Secretary. Collectively, the new Board has considerable technical,
nancial and operational experience in the resources sector.
Myanmar Update
Development Strategy
The recent, sustained increase in the international price for zinc metal and strong underlying demand for zinc supply
reinforces the Board’s positive outlook for zinc production. The Company therefore seeks to establish itself as a signi cant
regional metals producer based in Myanmar with a focus on base metals and accompanying silver, copper and other by-
products.
14
JUL
 0

9/26/2017 July 2017 - MML
As previously announced, the Company has identi ed and secured Options over two opportunities that, in combination,
could establish Top End Minerals as an immediate producer of zinc metal in Myanmar. This can be achieved via
immediate metal production from the Lashio re nery, in the short-medium-term by producing metals concentrates
(principally lead/zinc/silver) from a potential open pit at Bawdwin and in the longer term by producing metals
concentrates from the Great Bawdwin Mine if successful modern exploration shows that Bawdwin can be reopened as a
safe, modern, high-productivity underground mine.
Accordingly, as previously announced, the Board remains focused on progressing both the “Cornerstone Option” to
acquire 60% ownership of Cornerstone Resources (Myanmar) Limited (CRML) from current shareholders (principal assets
being the Lashio re nery and Longh Keng mine) and the “Bawdwin Option” for an 85% participating interest in the
Bawdwin zinc/lead/silver/copper polymetallic mine lease held by Win Myint Mo Industries Co Ltd.
The Chairman has written to senior representatives of the parties involved in both Options and has visited them in
Myanmar to properly communicate the changes within TND and TND’s continuing interest and focus on both Options.
Project Due Diligence Update – Cornerstone Option
Technical due diligence on the Lashio re nery was conducted by Mining & Process Solutions Pty Ltd and is now complete.
No fatal aws were identi ed.
Financial due diligence, which was completed by Walker Wayland WA Audit Pty Ltd, found no evidence that nancial
statements provided by CRML are materially incorrect.
Due diligence is now focused on the readily available Namtu Smelter Slags that could provide many years of zinc-rich feed
to the Lashio re nery. The slag was deposited over many decades following lead smelting and is enriched in zinc which can
be collected as an oxide by fuming the slag in a simple rotary kiln. A local company is presently fuming slag to produce
zinc oxide at Namtu for sale into China, using such a process.
There are two stages in the due diligence programme:
1) To demonstrate that zinc fume from Namtu slag can be treated at the Lashio re nery – this will be achieved, subject to
CRML’s assistance, by testing oxide material from the current Namtu fumer in a trial-scale plant at the on-site laboratory at
Lashio, under observation from a suitably quali ed Australian metallurgist; and

9/26/2017 July 2017 - MML
2) To demonstrate that the slag is of suitable grade for long-term supply – this will be achieved by trenching the large and
readily-accessible No. 1 slag dump with an excavator and assaying samples from the trench to produce a grade pro le for
zinc, other metals and deleterious elements, if any.
Following satisfactory completion of both of these steps, nancial analysis will be updated based on the cost and revenues
associated with processing material from Namtu.
This is essential for the Board to consider whether or not to exercise the CRML Option. Under the terms as presently
negotiated TND has until 23 August 2017 to make a decision on exercising the CRML Option.
The Option entitles TND to acquire 60% of the shares in Cornerstone by payment of;
US$10 million as a “control premium”;
US$45.35 per share, which is equivalent to US$33m based on 60% of the current issued capital of CRML; and
the agreed value of Inventory at a future date. Inventory is de ned in the Option Agreement to include zinc ore
stockpiled at the plant, all zinc ore at the mine site, zinc metal nished goods, and zinc in solution, including but not
limited to all consumables and all plant and equipment and spares.
Project Due Diligence Update – Bawdwin Option
While the Board considers the most compelling opportunity at Bawdwin to be the potential for a long-term underground
mine, initial technical due diligence is focused on the lower-grade near-surface “halo” mineralisation that has potential to
host an open pit mine in the short-medium term.
Approximately 3,000 metres of diamond drilling has been completed on this zone in recent weeks by Valentis, an in-
country technical rm that operates under Australian guidelines with suitably quali ed and experienced Australian-trained
geologists.
The aim of this work is to produce a JORC 2012 compliant resource encompassing potentially openpittable material at
Bawdwin within two months. This data will be used to underpin a Scoping Study covering key aspects of the deposit for
consideration by the Board. The study will include mine optimisation and preliminary design, metallurgical assessment

9/26/2017 July 2017 - MML
and preliminary plant speci cations, preliminary site layout, scoping-level assessment of capital and operating costs and an
assessment of project risks.
On the basis of that study and subject to the approval of the Union Ministry of Natural Resources and Environmental
Conservation, Republic of the Union of Myanmar and Myanmar Investment Commission the Board will consider whether
to exercise the Bawdwin Option or to extend the Option Period.
Corporate Due Diligence
As announced on 21 June 2017 when the Company requested a voluntary suspension of trading in its securities, in order to
complete the capital raising as planned the new Board has been required to complete a due diligence process and prepare a
prospectus in accordance with section 713 of the Corporations Act.
As part of the due diligence several matters have been identi ed. These matters are set out below.
Cash Position
At the time that the new directors were appointed to the Company, the balance of all funds in TND’s bank accounts
amounted to $17,955.
Previously TND had raised a total of $2.7 million before costs, in November 2016. Of this, the Company – under the
control of the former Board – had either expended or advanced to Axis Consulting Pty Limited (see below) a total of
$2.683 million up to 19 June 2017.
Furthermore, it has also become apparent that at 19 June 2017 the Company had creditors of approximately $250,000.
These creditors are being assessed and veri ed by the new Board and the intention is that those creditors that are
determined to have a valid claim will be paid out of the proceeds of the capital raising proposed to be completed in August
2017.
This weak nancial position forced the new Board to procure the Pig Equity bridging loan of $100,000 (refer to TND’s
announcement dated 3 July 2017) for short term working capital and the Yandal convertible loan of US$1.5 million (refer to
TND’s announcement dated 3 July 2017) in order to pay the Bawdwin Project Option fee.

9/26/2017 July 2017 - MML
The Company is undertaking negotiations to raise a total of $3 million. It is proposed that this raising will be completed
immediately following a general meeting planned for August 2017. The funds raised will enable the Company to advance
the due diligence process with the necessary nancial resources.
Axis Consultants Pty Limited Advance
Axis Consultants Pty Limited (“Axis”) is a proprietary company. Based on ASIC records as at 15 June 2017, the sole director
of Axis is Mr David Tyrrwhitt and the Company Secretary is Mr Peter Lee. Mr Tyrrwhitt and Mr Lee were directors of
TND, along with Mr Mordechai Gutnick, until 19 June 2017. Axis provided management and administrative services to
TND until 16 June 2017, when the arrangement was terminated.
As at 30 June 2016, the Company – under the control of the former Board – had advanced a total of $3.875 million to Axis
Consultants Pty Limited. Recovery of the amount advanced had been fully provided for in the Company’s accounts as at
30 June 2016, by way of an impairment provision. Therefore, as at 30 June 2016, there existed signi cant doubt as to the
recoverability of the Axis advance. The Axis advance is not secured.
Notwithstanding the provisions made for non-recovery of the Axis advance, TND – under the control of the former Board
– continued to advance funds to Axis in FY2017. By 19 June 2017, the Company had advanced Axis a total of $5.089 million.
Recovery of this entire Axis advance had been fully provided for as at 19 June 2017.
TND is not aware of any shareholder approval having been obtained for the Axis advance. The new Board is of the view
that TND funds totalling $5.089 million have been advanced to a proprietary company controlled by a former director of
TND, on an unsecured basis without shareholder approval or commercial purpose.
The new Board has contacted Axis to request immediate repayment of all amounts owing. To date, no repayment has been
received.
The new Board intends to pursue all legal avenues to secure repayment as soon as possible.
Shares Issued Without Shareholder Approval

9/26/2017 July 2017 - MML
It has come to the new Board’s attention that on 1 December 2016, the Company – under the control of the former Board
– issued 100 million shares by way of a placement at $0.022 per share (Placement Shares). The issue of the Placement
Shares was purportedly pursuant to shareholder approval obtained at the TND Annual General Meeting held on 30
November 2016 (“Meeting”).
Pursuant to resolution 5 at the Meeting, shareholders approved the issue of up to 100 million shares at an issue price of at
least 80% of the average market price for the ordinary shares.
The average market price for the purposes of the approval and issue was $0.031. Accordingly, the lowest approved issue
price for the Placement Shares was $0.027. Therefore, the Placement Shares were not issued within the scope of the
shareholder approval.
The new Board brought this matter to the attention of ASX. As a result, ASX has imposed a prohibition on the Company
issuing any shares pursuant to the ASX Listing Rule 7.1 (15% rule) or ASX Listing Rule 7.1A (Additional 10%) capacity at any
time up to 24 October 2018.
The new Board is disappointed with the length of the prohibition imposed by ASX, particularly given that the new Board
elected to voluntarily disclose the breach to ASX in the interests of good corporate governance and full transparency, but
accepts the decision of ASX.
The practical implication of this prohibition is that the Company will be required to obtain prior shareholder approval for
all issues of securities, other than those issued pursuant to an exception in Listing Rule 7.2 for the next 15 months.
This has delayed the timing of the proposed capital raising until a er all necessary shareholder approvals are obtained. The
Company intends to convene a shareholders meeting soon, to be held in August 2017.
Summary and Plan Ahead
Notwithstanding the nancial position inherited when the new Board took over control of the Company on 19 June, TND
has a very bright future given the quality of the projects under consideration in Myanmar and the strong support of its
nanciers.

9/26/2017 July 2017 - MML
I and my fellow directors are con dent that the Company will be able to successfully negotiate the challenges that lie ahead
and emerge as a signi cantly superior listed company to that which was presented at 19 June 2017.
Yours sincerely
JOHN LAMB Non-Executive Chairman
This announcement is not intended to li the Company’s voluntary suspension.
Top End Minerals Con rms Payment of Fee to Secure Bawdwin ZN-PB-AG-CU Mine
Option
POSTED BY
Top End Minerals Limited (ASX: TND) (“TND” or “the Company”) advises that it has secured the option to acquire an 85%
interest in the Bawdwin Zn-Pb-Ag-Cu Mine lease in Myanmar (“Bawdwin Option”) with the payment of a US$1.5 million
non-refundable deposit now made to Win Myint Mo Industries Co (“WMM”) (see ASX release dated 24 May 2017). The
vendors have con rmed receipt of the funds.
Overview of the Bawdwin Zn- Pb-Ag-Cu Mine Lease and Option Terms
The Bawdwin Mine lease covers 38 km2 including the Bawdwin Mine and the Bawdwin Volcanic Complex. Bawdwin was a
world-class mine when in production and was considered one of the richest mines in the British Empire before WW2. The
“mining ‘reserve” reported in 1938 was 10.8 Mt at 14% Zn, 23% Pb, 1 % Cu and 670 g/t Ag (Khin Zaw, 1990). The mine was
destroyed during WW2 but was re-opened in 1951 and was nationalised in 1963. Production fell progressively in subsequent
years, re ecting depleted resources, lack of capital investment, and no investment in exploration.
In 1996, ASX-listed Mandalay Mining NL reported a Mineral Resource estimate under the JORC Code 1996 Edition (see
TND ASX release dated 24 May 2017) which largely represented lower grade mineralisation around the historical high-
grade stopes. If the 1996 Mineral Resource can be validated by additional drilling, the Bawdwin Mine may be one of the
largest underdeveloped Zn-Pb-Ag-Cu deposits globally. However, TND cautions that a Competent Person has not done
03
JUL
 0

9/26/2017 July 2017 - MML
su cient work to classify the 1996 estimate as a Mineral Resource in accordance with the JORC Code 2012 Edition. It is
uncertain that, following evaluation, it will be possible to report a Mineral Resource in accordance with the JORC Code
2012 Edition.
Bawdwin occurs in a volcanic complex that has never experienced systematic modern exploration and is also considered to
have high potential for the discovery of additional high grade lodes.
Under the Bawdwin Option, TND is entitled to access the Bawdwin Mine lease during the option period to undertake such
validation testing and exploration as the Company deems necessary leading to work programmes for the completion of
feasibility studies on the project.
Acquisition of an interest in Bawdwin by TND is dependent on gaining all necessary Myanmar government approvals.
WMM has an obligation to use its best endeavours to obtain all necessary government approvals required by TND to
exercise the option.
New nancing facilities secured
In order to meet the deadline for this Option payment (20 June 2017) and to fund the Company’s immediate cash
requirements, new nancing facilities have been secured by the Directors.
Yandal Investments Pty Limited, a company associated with Mr Mark Creasy and an existing nancier to TND, has
provided the Company with a Secured Convertible Loan facility to cover payment of the US$1.5 million option fee payable
to secure the Bawdwin Project Option. The Bawdwin Project option fee was funded directly by Yandal Investments
pursuant to the terms of the Convertible Loan on 19 June 2017.
The terms of the Convertible Loan are as follows:
Suite 1, 6 Richardson St, West Perth 6005
T: +61 8 9226 0866 F: +61 8 9486 7375
W: www.topendminerals.com E: dabinett@westnet.com.au
Convertible Loan
Principal US$1.5 million
Interest 10% pa
Secured Company’s Bawdwin Option

9/26/2017 July 2017 - MML
Fees $200,000 to be satis ed by the issue of 5,000,000 shares and 2,500,000 listed
options each to be issued pursuant to shareholder approval (if required). In the
event the shareholder approval is not obtained the fee will be payable in cash.
Term 12 months. Yandal has the right to request repayment at any time before that date.
Such request may be declined by the Company if the board of directors believe that
the repayment would cause, or would be reasonably likely to cause, an insolvency
event for the Company
Use of Funds Payment of Bawdwin Option fee
Convertibility The Lender may elect to convert the amount owing under the Convertible Loan into
shares at $0.04 per share.
Bridging Facility
A short-term Bridging Facility has also been obtained from PigEquity Pty Limited. The Bridging Facility is
for $100,000 and was funded on 26 June 2017. The terms of the Facility are as follows:
Principal $100,000
Interest 10% pa
Secured Unsecured
Fees Nil
Term The rst to occur of a capital raising for a minimum of $2 million (excluding the
Yandal Convertible Loan) or 31 December 2017
Use of Funds Working capital
Convertibility In the event of default, the Lender may require the Company to convert the amount
owing into shares at $0.02 per share, subject to shareholder approval (if required).
Immediate focus
As reported to shareholders on 21 June 2017, The Company requested a voluntary suspension of trading
of its securities pending an announcement regarding a material capital raising. To complete the capital
raising as planned, the new Board will be required to complete technical and nancial due diligence and
prepare a prospectus in accordance with section 713 of the Corporations Act. This process has now
commenced.
The Board is very encouraged by TND’s prospects in Myanmar and believes the securing of the Bawdwin
Option is a key milestone. The Board is grateful for the funding support of Yandal Investments and
PigEquity respectively. Further updates will be provided to shareholders in due course

9/26/2017 August 2017 - MML
Month: August 2017

9/26/2017 August 2017 - MML
RML informed the Company that it would not extend the option period to give MYL su cient time to assess opportunities to source
ck to justify that cost. MYL of course remains receptive to transacting on CRML in
ressing to plan, and as recently reported, an initial JORC resource will be reported on a section of lower grade ‘halo’ mineralisation shortly.
iated an extension of the option period in order to determine the existence of that feedstock, or a negotiated outcome to re ect the
he initial JORC resource shortly and we are working closely and cooperatively with our partner Win Myint Mo to achieve this.”

9/26/2017 August 2017 - MML
ntinues to operate, a specialist company secretarial and advisory consultancy, Dabinett Corporate Pty LtD.
ve studied, built, operated and closed numerous open pit and underground mining operations in base metals and gold throughout Australia.
etallurgy; and a Graduate Member of the Australian institute of Company Directors, which allows us to meet today in this ne facility.
d nancial due diligence and that we have collectively many decades of business and operational experience.
e. It is also particularly important that we secure a person with the right skill set for this keyrole.
mining engineer who
pany has a strong fundraising team.

9/26/2017 August 2017 - MML
e to cover it again here except to say that
operation of mines, processing plants and re neries.
mine and I don’t propose to go over the details again here.
stantial and will require satisfactory evidence of a long‐term feedstock to justify that cost.

9/26/2017 August 2017 - MML
d,it is unlikely that the Company will exercise the option although we would remain receptive to dealing on this asset in the future.
nership with current owner Win Myint Mo.
9 day of inventory on the LME.
nc/lead/silver polymetallic complexes that
he deposit very shortly.
ments if you seek further details.

9/26/2017 August 2017 - MML
f the suspension in trading in the Company’s securities.
as a broad network of Fund Managers and sophisticated investors both in Australia and overseas.
ial in TND’s Myanmar opportunities.
18 August 2017. To complete the capital raising as planned the new Board will be required to complete and lodge a prospectus in accordance

9/26/2017 Ministry of Natural Resources and Environmental Conservation
http://www.mining.gov.mm/ME-1/1.ME-1/details.asp?submenuID=11&sid=753 1/9
Tel: 067409019 | Mail: messenger@e-mining.gov.mm English | Myanmar
(A) Foreign Joint Venture operations.
(1) Cornerstone Resources (Myanmar) Ltd.
Cornerstone Resources (Myanmar) Ltd. is situated in LonghKeng track,
Mong Pawn township, southern Shan State and singed the (20)years term
of the Production Sharing Contract with No.(1) Mining Enterprise on
(12.10.1999). The company has been producing(27228)tonnes of Zinc Ore
up to December, 2014, upon which US$(0.260) million for Royalty and US$
(2.519) million for ME-1 fs share were paid to the government. At
present,Cornerstone Resources (Myanmar) Ltd. is establishing the
Electrolytic Zinc Plant at Mangpyin track, Lashio township, Northen Shan
State and producing Zinc ingot for domestic use.
Ministry of Natural
Resources and
Environmental
Conservation
HOME
NEWS
DEPARTMENTS
Union Minister Office
Department of Mines
Department of Geological
Survey and Mineral Explorer
No.1 Mining Enterprise
No.2 Mining Enterprise
Myanmar Gems Enterprise
Myanmar Pearl Enterprise
HOME NEWS DEPARTMENTS ANNOUNCEMENTS LAWS CONTACT US Search Our Website… SEARCH

Cornerstone Resources (Myanmar) Ltd,Electrolytic Zinc Plant.
(2) GPS Joint Venture Co.,Ltd.
GPS Joint Venture Co.,Ltd. is situated in Bawsaing track, Kalaw township,
Taunggyi district, southern Shan State and the Large scale Production
Sharing Contract with ME-1 fs, was signed on (4.2.2014) and produced
(9749.73) metric tons of Lead concentrates up to December,2014.
(7000)tonnes of lead concentrates were exported and upon which US$
(183250.40) for Royalty and US$( 593731.296) for ME-1 fs share were
paid to the government.

Lead Ore Concentrating Plant, GPS Joint Venture Co.,Ltd.
(3) Mwetaung Ferro- Nickel Project.
North Mining Investment Company Ltd. has proposed and negotiated for
the production of Ferro- Nickel concentrates from low grade Laterite Ore,
at Mwetaung track, Teetain township, Chin State and Sagaing division.
The Location of Mwetaung Nickel Project.

(B) Large Scale Local Joint Venture Enterprises.
(1) Win Myint Mo Industrial Co.,Ltd..
Namtu-Bawdwin mine, situated in Namtu township, Kyaukme district,
northern Shan State,was transferred to Win Myint Mo Industrial Co.,Ltd by
signing of the Lead, Zinc concentrate Production Sharing Contract on
(5.1.2010) and the term of the Contract is (15)Years. With effect from the
commencing of commercial production, the company produced (3907.1)
tonnes of Lead concentrates, (1592.12) tonnes of Zinc concentrates up to
December 2014, upon which (2125.25) tonnes of Lead concentrates and
(905.8) tonnes of Zinc concentrates were exported, US$ (0.114) million for
Royalty and US$ (1.389) million for ME-1 fs share, were paid to the
government.
Lead Zinc Ore Concentrating Plant, Win Myint Mo Industrial Co.,Ltd.
(2) Top Ten Star Production Co.,Ltd.
Bawsaing mine located in Kalaw township, Taunggyi district, southern Shan
state, was transferred to Top Ten Star Production Co.,Ltd. by signing the
Lead concentrates Production Sharing Contract and the term is (10)years.
The company produced(2165.20)tonnes of Lead concentrates up to
December 2014 from its commencement of commercial production and
(2165.20) tonnes were exported. US$ (19063.48) for Royalty and US$

(2165.20) tonnes were exported. US$ (19063.48) for Royalty and US$
(184914.96) for ME-1 fs share were paid. The company cooperatively
established a Lead Ore Concentrating Plant with Ruli Zhiseng Import and
Export company Ltd and is producing lead concentrates.
Lead Ore Concentrating Plant, Top Ten Star Production Company Ltd.
(3) Linn Pyae Mining Co.,Ltd.
YadanarTheingi mine, situated in Naung Cho township, KyaukMe district,
northern Shan state, was transferred to Linn Pyae Mining Co.,Ltd by
signing the Lead concentrate Production Sharing Contract on (1.5.2010)
and the term of the contract is (10) years. The company produced (374)
tonnes of lead concentrate from it fs commencement of commercial
production up to December, 2014. (130) tonnes of produced lead
concentrates were exported and US$(1259.70) for Royalty and
US$(12219.09) for ME-1 fs share were paid to government. Now, it is
being proceeded to amend the Contract in which to increase production
targets by extending some mine lease areas and renovating the
concentrating plant in place of the former plant building which has been
written off.

(4) Mayflower Mining Enterprise Ltd.
Situated in Mawkhi- Walei track, Myawaddy township, Kayin state and entered into Production
Sharing Contract with ME-1 on (11.8.2000) and the term of the Contract is (15) years. There were
(33770) tonnes of Zinc Ore production up to April, 2004 from its commencement of production and
(16000) tonnes were exported, US$ (30720) for Royalty and US$ (297984) for ME-1 fs share have
been paid. Because of the difficulties in production and lack of regional stability, it is proceeding to the
termination of Production Sharing Contract.
(5) Thabyu Mining Co.,Ltd.
Thabyu Mining Co.,Ltd. is situated in Thabyu track, Kyarinnsaikkyi townhsip, Kayin state and signed the
Production Sharing Contract of Antimony concentrates production with No.(1) Mining Enterprise on
(12.12.2001) and the term of the Contract is (7) years. 3 times of (1)year extension Contract and 1
time of (5) years extension Contract have been proceeded and the term of the Contract is up to
(3.6.2018). (7610) tonnes of high grade Antimony concentrates and (9227) tonnes of Low grade
Antimony concentrates were produced up to December,2014. (7315) tonnes of high grade Antimony
concentrates and (4605) tonnes of low grade Antimony concentrates were exported. US$ (274521.99)
for Royalty and US$ (2193221.87) for ME-1 fs share were paid to the government.
Mining Operation in Thabyu Mine.
(6) Htoo International (Electram) Mining Co.,Ltd.

(6) Htoo International (Electram) Mining Co.,Ltd.
Htoo International (Electram) Mining Co.,Ltd. is situated in Kandawyan track, Waingmaw township,
Myitkyinar district, Kachin state and entered into Iron ore Production Sharing Contract with No.(1)
Mining Enterprise on (21.12.2009). The term of the Contract is (10)years. (50666.22)tonnes of Iron
ore were produced up to December,2014 from its commencement, on which (40000) tonnes, Royalty
and ME-1 fs share were paid.
Ore Stock Pile produced by Htoo Company
(7) Myanmar Economic Holdings Limited.
No.(1)Mining Enterprise and Ivanhoe Myanmar Holdings Ltd. cooperatively
established the Myanmar Ivanhoe Copper Company Limited in Sabetaung,
Kyisintaung project and is carrying out the Cathode Copper productions of
(266742) tonnes of Cathode Copper from the year 1998-1999 up to
December 2010- 2011. The date(31.12.2010) was fixed as Cut- Off Date
and ME-1’s shares were transferred to Myanmar Economic Holdings Ltd by
the price of US$ (100) millions and Ivanhoe Myanmar Holding Ltd’s shares
were transferred to Yang Tse Mining Ltd, the People’s Republic of China by
the price of US$(100)million. Myanmar Economic Holdings Ltd and Yang
Tse Mining Ltd cooperatively established a Myanmar Yang Tse Copper Ltd.
in Sabetaung Kyisintaung project is and continually carrying out the
Cathode Copper productions. Mineral exploration, Feasibility study and

Cathode Copper productions. Mineral exploration, Feasibility study and
large scale production permit for Letpadaung taung Copper Project, was
issued to Myanmar Economic Holdings Ltd. On (5.3.2010). The Contract
between the Myanmar Economic Holdings Ltd. and Wanbao Mining Ltd.
was amended on (24.7.2013) in accordance with the advice of Letpadaung
taung Copper Project Investigation Commission and ME-1 was entering to
that amended Contract as one of the party. The Production Sharing ratio is
51 % for the government and 49 % for the companies. At present, it is in
the development period and commercial production is not commenced yet.
The Location of Sabetaung, Kyinsintaung Project.
The Location of LetpadaungTaung Copper Project.

The Location of LetpadaungTaung Copper Project.
Cathode Copper produced by Myanmar Yang Tse Copper Limited.
Ministry of Mines Twitter
Copyright © 2015 - All Rights Reserved - www.mining.gov.mm
Office No. (19), Nay Pyi Taw, Myanmar.
Tel : 95 67 409019
Fax : 95 67 409010
email : messenger@e-mining.gov.mm

Australian Miner Eyes Opportunity Amid Conflict in Baldwin Mine Shan State

Recommended

Recommended

More Related Content

What's hot

What's hot (12)

More from MYO AUNG Myanmar

More from MYO AUNG Myanmar (20)

Recently uploaded

Recently uploaded (14)

Australian Miner Eyes Opportunity Amid Conflict in Baldwin Mine Shan State