EIGHT local companies are bidding for the country’s largest gold mine, which the government wants to privatise, but no foreign firms have made any offers, an official said.

“All together, eight companies submitted their tender forms. All are from local companies, no foreigners at all,” an official of the No. 2 Mining Enterprise told AFP.

The winning bid will be determined by the end of the month, the official added, while declining to say which companies had made offers. The No. 2 Mining Enterprise currently operates the Kyaukpahto gold mine in the central division of Sagaing.

Myanmar’s announced October 17 it would privatise at least part of the mine, and invited proposals for investments starting at US$2 million.
The deadline for proposals was November 10.

The government wants to keep more than half of the gold produced, demanding some 12 kilograms per month from the mine it says can produce about 19kg per month.