The backers of the Letpadaung mine project are renegotiating their contract, with a new draft agreement that gives Burma’s government a large share of the profits, the government says. The new contract—which has not yet been signed—would give 51 percent of profits to the government, 19 percent to the military-owned Union of Myanmar Economic Holdings Ltd (UMEHL) and 30 percent to China’s Wanbao Company, according to a statement last week by Burma’s Directorate of Investment and Company Administration, from the Ministry of National Planning and Economic Development. Currently, the project is a joint venture between UMEHL and Wanbao.
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