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    MYL   AU000000MYL5


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Myanmar Metals to sell Bawdwin project in wake of coup

07/20/2021 | 09:23pm EDT

July 21 (Reuters) - Myanmar Metals said on Wednesday it planned to sell its 51% stake in Bawdwin silver, lead, and zinc project in Myanmar, citing difficulties in securing financing for the $300 million project after a coup led to social unrest earlier this year.

Businesses have collapsed in the Southeast Asian country ever since the military coup, which prompted widespread protests and strikes. The violence displaced thousands and killed hundreds of civilians.

"It is the Board's view that the procurement of project finance in the near term by the company would be extremely problematic and realistically unlikely," Australian-based Myanmar Metals said.

Ever since the coup this February, all parties that had shown interest in financing the project in the Shan State of Myanmar have withdrawn, the company said, adding that it will lose almost all of its A$11.4 million ($8.37 million) of cash reserves in less than a year if it were to stay involved with the Bawdwin project.

The best path forward, Myanmar Metals said, will be to sell its stake in the project or the company as a whole. It has already started to look at international and local players.

Foreign companies are scaling back or even pulling down operations while those with ties to army-linked firms are being urged to cut them.

Earlier this month, Norwegian telecoms firm Telenor sold its Myanmar business, blaming the difficulties of operating under the military junta and dealing a blow to activists who say they relied on the only Western operator for communications.

China-based Yintai Gold Co proposed a A$66.5 million takeover of Myanmar Metals last month. The Australian metals explorer said on Wednesday it was working towards facilitating access to due diligence.

($1 = 1.3628 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru, Editing by Sherry Jacob-Phillips)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MYANMAR METALS LIMITED -17.65% 0.07 End-of-day quote.-26.32%
TELENOR ASA -0.84% 146.7 Real-time Quote.1.41%
YINTAI GOLD CO., LTD. -2.69% 9.75 End-of-day quote.13.24%
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Sales 2020 - - -
Net income 2020 -13,6 M -9,93 M -9,93 M
Net cash 2020 11,1 M 8,11 M 8,11 M
P/E ratio 2020 -7,88x
Yield 2020 -
Capitalization 133 M 96,9 M 97,1 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 61,9%
Duration : Period :
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Managers and Directors
John Lamb Executive Chairman & Chief Executive Officer
Rowan Saint John Caren CFO, Secretary & Executive Director
Jeffrey John Moore Executive Director
Paul Erwin Albert Arndt Non-Executive Director
Boon San Teo Non-Executive Director