Myanmar military Junta plans to resume operations at the Russian-backed no 2 steel factory, Pinpet, in Shan state. The plant, a JV between Myanmar Economic Corporation (MEC) and Russian company, Tyazhpromexport, a subsidiary of Rostec, was shut down for more than four years.
The military authority and the Russian state government had a meeting in Naypyitaw where they discussed the restoration of the Pinpet project on Monday.
The project converted Mount Pinpet/Pine Tree Mountain into the country’s largest iron ore mine and processing facility, built on 5,260 acres of land, around eight miles away from Taunggyi. It commenced operations in 2004 with expectations to produce 200,000mt of pig iron and 72,000mt of iron ore.
In 2014, the ministry of industry controlled by the quasi-civilian government had signed a contract worth €137mn with Tyazhpromexport to produce ore for commercial purposes, incorporating the Russian Romlet process.
The plant was supposed to start functioning by late 2016 which was stopped in March 2017 due to financial issues.