China North Industries Corp., a leading Chinese weapons manufacturer, signed a cooperation pact with the government of Myanmar to develop a copper mining project, the latest sign of growing commercial ties between the reclusive Southeast Asian nation and its giant neighbor.
The Monywa Copper Mine Project Cooperation Contract was signed during Premier Wen Jiabao's visit to Myanmar in early June, China North Industries, or Norinco, said in a statement on its website. The statement was posted on the company's website Wednesday, but dated June 10. It didn't disclose financial terms.
The deal underlines how the isolated military rulers of Myanmar are increasingly turning to the country's most important political and economic ally for support—and how China continues to seek natural resources from its southwestern neighbor to feed its industrialization.
The Norinco statement said Monywa is "abundant in copper mine resources with excellent mineral quality, which is of great significance to strengthening the strategic reserves of copper resources in our country, and to enhancing the influence of our country in Myanmar."
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