Union Minister for the Ministry 2 at the Office of the Chairman of the State Administration Council U Ko Ko Hlaing said that illegal production and sale of minerals is still widespread to an extent.
He made the remarks at the China-ASEAN (Myanmar) geoscience cooperation conference and the launching ceremony of establishing Myanmar-China minerals and gems association launch ceremony held at HOTEL MAX in Nay Pyi Taw Union Territory on December 26 evening. The illegal production and sale of minerals can cause environmental damage and political and security risks and negatively impact rule of law and socio-economic life of the people, Union Minister U Ko Ko Hlaing said.
Myanmar is a country rich in various underground mineral and gem resources in Southeast Asia, and is home to some of the world’s best-quality gemstones such as jade, ruby, amber, sapphire and emerald, as well as gold, silver, lead, tin, tungsten, and Myanmar’s diverse range of minerals, from tin to rare earth element which are becoming increasingly important today has established a strong position in the global market, he said.
In the 2023-2024 fiscal year, Myanmar earned more than US$271 million from mineral exports, according to data from the Ministry of Commerce.