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- With the unfolding political situation in Myanmar, Myanmar Metals (MYL) has entered a trading halt pending an announcement
- The country’s military has seized control for the next year following the detention of democratically elected leader Aung San Suu Kyi and several other senior figures
- Suu Kyi was arrested during early morning raids on Monday, in response to what the military called “election fraud”
- The company has two key assets in the country: the Bawdwin Project west of Namtu and the Tarlay Project in eastern Shan State
- Shares in Myanmar Metals are down 17.65 per cent to $0.07 each
With the unfolding political situation in Myanmar, Myanmar Metals (MYL) has entered a trading halt pending an announcement.
The country’s military has reportedly seized control for the next year, handing power to army chief Min Aung Hlaing. It follows the detention of democratically elected leader Aung San Suu Kyi, who was arrested during early morning raids on Monday, along with several other senior figures, in response to what the military called “election fraud”.
Political tensions escalated last week when a spokesman for the military declined to rule out a coup just days before the new parliament was due to meet. Min Aung Hlaing then further stoked fears by suggesting that the constitution might be repealed.
However, the military appeared to backtrack on the weekend, issuing a statement on social media on Sunday saying it would “do everything possible to adhere to the democratic norms of free and fair elections.”
Myanmar’s election commission has rejected the military’s allegations of vote fraud.
The coup has been broadly condemned, with the Australian government saying it was “deeply concerned at reports the Myanmar military is once again seeking to seize control of Myanmar” and calling for the immediate release of the unlawfully detained leaders.
John Sifton, Asia advocacy director for Human Rights Watch, said Myanmar’s military had never submitted to civilian rule and called on the United States and other countries to impose “strict and directed economic sanctions” on the military leadership and its economic interests.
Such sanctions might prove to be a hefty blow for Myanmar Metals, which holds a 51 per cent interest in the Bawdwin Project west of Namtu and a 51 per cent interest in Locrian Precious Metals, which holds granted exploration tenure over the Tarlay Project in eastern Shan State.
According to its December quarterly activities report, Myanmar Metals is looking to advance its “pipeline of outstanding projects” in 2021, which includes the proposed acquisition of the Wuntho Project, a highly prospective copper-gold porphyry exploration project in the heavily mineralised Sagaing Region.
In a statement supplied to The Market Herald, Myanmar Metals said it “is closely monitoring the unfolding events in Myanmar and hopes for a quick and peaceful resolution. Our priority is the safety of our people in Myanmar.”
“We intend to provide an update to our shareholders once we have enough information to do so.”
Shares in Myanmar Metals are down 17.65 per cent to $0.07 each at 2:39pm AEDT.
