Myanmar

Fuel Oil

Myanmar households maimed as currency topples to record low

A fast devaluation of Myanmar's. currency is pushing up the rates of basics, consisting of food. and medication, debilitating normal households in the Southeast. Asian country wrecked by civil war and a crumbling economy. The Myanmar kyat has been extremely unpredictable in. current days, plunging to a low of 7,500 to the dollar in the. black market last week from 5,000 earlier in the month,. according to 4 forex traders. The plunge followed. reports that the Myanmar junta was printing more kyat to prop up. the currency, two traders said. Individuals are anxiously buying (Thai) baht and selling. kyat, said...

Natural Gas Utilities

Chevron hands Myanmar gas field stake to junta, Thailand's PTTEP

U.S. energy company Chevron has actually stopped the Yadana natural gas field in Myanmar, a representative stated on Monday, more than 2 years after it condemned violence and human rights abuses there and announced it would leave. Rather than being sold, Chevron's 41.1% stake in the gas field was rearranged to the staying shareholders, Thailand's PTT Expedition and Production and state-owned Myanma Oil and Gas Business (MOGE). PTTEP, operator of the gas field, said on Friday its stake in Yadana had increased to 62.96%. The withdrawal offers effect to our objective to exit Myanmar in a controlled and orderly way,...

Environment

Floods in Myanmar leave 19 dead, displace thousands

At least 19 people were eliminated in Myanmar after heavy rains triggered floods in and around the wartorn nation's capital city, with rescuers moving some of the 3,600 people displaced to much safer locations on boats, according to the nationwide fire service. Adverse weather brought on by Tropical cyclone Yagi, the greatest storm to strike Asia this year, has eliminated more than 230 individuals in Vietnam and Thailand, and flood waters from swollen rivers have flooded cities in both countries. Myanmar has actually remained in chaos since a military coup in February 2021 and violence has engulfed large parts of...

Mining

The tin market is nearing a three-year high on tightness and short-covering

The price of tin jumped on Wednesday to its highest level in almost three years as traders scrambled for supplies and speculators juggled their positions after disruptions in two important tin-rich nations. After an earthquake on Friday that struck Myanmar, the world's third-largest tin producer and producer of tin, a record high was reached on the London Metal Exchange, as well as the Shanghai Futures Exchange. One trader stated that speculators have been buying back short positions or negative positions, particularly in Shanghai. The most active SHFE May futures tin rose as much as 4.7% to 299 990 yuan per...

Mining

Tin prices rise after Myanmar earthquake

On Friday, tin prices in London reached a two-week high as speculators made bets that the earthquake in Myanmar's main mining region could delay the restart of production. The benchmark tin price on the London Metal Exchange increased 2.5% by 1508 GMT to $36,140 per ton after reaching $36,635, which was its highest since March 14. If it breaks above $37.100, this would be the highest level since mid-2022. Myanmar is the third largest tin producer in the world and a major supplier of tin to China. The tin-rich Wa State mines, which provide 70% of Myanmar's total tin production,...

Mining

Myanmar's Wa State, rich in tin, will discuss mining restart with investors next Week

According to a Wednesday notice, Myanmar's tin rich Wa State will meet with investors next week in the Manxiang Mining area to discuss the resumed mining of the region. According to an announcement from the Wa State Industrial Minerals Management Bureau, the meeting will be held on April 1, at the Manxiang district government office. Nyi Rang, a spokesman for the Wa State Department of Mines and Minerals, confirmed that this notice was issued but did not know when mining would resume. The meeting represents progress in the restarting of mining in Wa. Wa suspended all mine work in areas...

Mining

Myanmar's Wa State is looking at resuming mining

Nyi Rang, the Wa State spokesperson, said on Friday that Myanmar is considering allowing mining in the region rich in tin to resume. Nyi Rang confirmed that an announcement circulated on Chinese social media by the Wa State Industrial Minerals Management Bureau, which outlined the process for obtaining permits for mining and exploration. Nyi Rang has not provided a timeline for the restart of mining. Mines in Wa provide 70% of Myanmar's tin, which is the third largest producer on the planet and the dominant supplier to China. Wa State, unlike the majority of Myanmar which is controlled by the...