爱华网繁霜按：香港上市的中国多金属矿业有限公司在云南经营多年，熟悉缅甸情况，从其慎重对待缅甸投资风险的态度和规避缅北的意图，可以判断缅军借口中国水电项目在掸邦北部胡作非为纯属一意孤行。最关键的是，局部经济利益服从国家安全战略利益的新思路已经确立，对政治极度敏感的中国大企业岂能在朝鲜半岛危机、东海危机、南海危机不断加剧的当口，再帮弃华投美的缅军搞出一个西南边境战争危机，给国家添堵，给自己惹祸。
【摘译自《云南矿业公司在缅甸试运气》（《南华早报》2013年4月8日）】云南省最大的铅锌矿资源拥有者中国多金属矿业有限公司，正在邻国缅甸寻找机会以获得资源。
今年初，该矿业公司派出一名地质学家和其他人员了解缅甸政府官员推荐的投资项目，缅甸政府官员急于看到外国投资于该国大量未曾开发的矿藏财富。
“与大陆相比，获得东南亚矿产的成功机会高很多，运营费用也更低。”首席财务官李涛上月下旬对《南华早报》说。
大陆矿产竞争激烈，他补充道，这意味着即使是风险很高的早期开发性项目也经常会抬价。
在缅甸外国公司有望被允许独自拥有项目，而且享有5年公司税免税期。
这些条款是缅甸新矿业法的构成部分，该法预计将在今年通过以促进对这个迅速自由化国家的投资。缅甸于2011年结束了数十年的军人统治，大部分国际制裁随之被解除。
李说，由于需要考虑法律、政治和安全风险，因此仔细进行尽职调查很重要。中国多金属矿业有限公司有可能避开不太安定的缅甸北部地区，将注意力投向东部，他补充说。
去年下半年在缅甸中部对蒙育瓦铜矿示威者的暴力镇压就是这种风险的一个案例。抗议者对被征用土地补偿不够感到不满，对环境损害可能性感到担忧。
对资源潜力的第三方专业审计也是必需的，李说。他估计达成交易之前的资源获取过程至少为一年。
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Yunnan miner tries its luck in Myanmar
Monday, 08 April, 2013
China Polymetallic Mining, the biggest lead and zinc resource holder inYunnan province, is exploring opportunities to acquire resources inneighbouring Myanmar.
Earlier this year, the minersent a geologist and other staff to scout out investment prospectsrecommended by Myanmar government officials eager to see foreigninvestment in the country's largely untapped mineralwealth.
"Relative to the mainland,the chances of success in acquiring Southeast Asian mining assetsare much higher and the operating costs are lower," chief financialofficer Li Tao told theSouth China MorningPostlate last month.
But competition for miningassets on the mainland was keen, he added, which meant prices wereoften bid up despite the fact that many of them were higher-riskearly exploration projects.
Foreign firms were expectedto be allowed to wholly own projects in Myanmar, and they wouldenjoy five-year corporate tax holidays, Li said.
The terms are part ofMyanmar's new mining law that is expected to be passed this year toboost investment in the rapidly liberalising country, which endeddecades of military rule in 2011 and saw the lifting of mostinternational sanctions subsequently.
Li said careful duediligence was important as there were legal, political and securityrisks to consider. China Polymetallic might avoid the less stablenorthern region and focus on the east, he added.
A violent crackdown onprotestors at the Monywa copper mine in central Myanmar late lastyear is an example of such risks. The protestors complained aboutinsufficient compensation for alleged land grabs and raisedconcerns about possible environmental damage.
Auditing of resourcespotential by third-party professionals was also needed, Li said. Heestimated the acquisition process to take at least a year before adeal could be sealed.
Under an internal guideline,any asset acquired by China Polymetallic should have an estimatedinternal rate of return of at least 25 per cent. The firm boughtthree mines in Yunnan last year and has been designated by theprovincial government as a consolidator of its miningsector.
It posted a net profit of177 million yuan (HK$219.1 million) for last year, compared with aloss of 244.3 million yuan in 2011, as it ramped up output at itsmainstay Shizishan mine that began production in mid-2011. Themine's lead output is targeted to rise to 38,500 tonnes next yearfrom 20,300 tonnes last year, while zinc output will increase to28,700 tonnes from 16,500 tonnes.
About 75 per cent of leadconsumed on the mainland is used in battery manufacturing, whilezinc is mostly used to coat steel to prevent corrosion.
The company budgeted 319million yuan this year to expand or develop its six mines, four ofwhich are expected to come on stream by June 2015.
