A SOUTH Korean business grouping’s purchase of a share of Canadian company Ivanhoe Mines’ Myanmar came another step closer with the arrival of Korean delegation in Yangon to discuss the sale.

The delegation discussed the issue with Myanmar Ivanhoe Mines Ltd late last month, said a diplomat who did not wished to be identified.

Ivanhoe, which operates three copper mines in upper Myanmar, has a 50-50 partnership with the No 1 Mining Enterprise under the Ministry of Mines.

The visiting delegation consisted of 10 representatives from the three Korean corporations involved in the deal, Korea Resources Corporations (KRC), Daewoo International Corporation, and Taihan Electric Wire, who will jointly buy 25 per cent of Ivanhoe’s stake, worth about US$120 million.

The diplomat said that the delegation studied survey data from the mines.
“As far as I know it (the contract) is still just for discussion with the Ivanhoe company,” the high-ranking official said, adding that the two sides were “just coordinating” with each other.

Final approval of Ivanhoe’s sale lies with the Myanmar government despite an agreement reached last month between the foreign companies and reported by Korean news agency Donga.