MYANMAR – It was reported that Myanmar Wanbao Mining Copper Limited (MWMCL) and Myanmar Yang Tse Copper limited – MYTCL have established a proxy company named AC POLARIS TRADING to sidestep the US economic sanctions, according to sources close to the company.
Myanmar Wanbao and MYTCL, which are operating copper production operations in Salingyi Township of Sagaing Division, are unable to operate normally due to the economic sanctions of the United States. For that reason, the company must be operated through a proxy company, and a company was established under the name of AC POLARIS TRADING.
Hence, AC POLARIS TRADING Company, which is a proxy company on behalf of Myanmar Wanbao and Myanmar Yang Tse companies, will present the export/import related activities and the notification to grant the licenses easily was done on December 15.
The Myanmar Wanbao and Myanmar Yang Tse, Chinese state-owned companies, have been operating joint venture copper mining projects in Sagaing Division with the Union of Myanmar Economic Holdings Ltd (UMEHL), owned by the terrorist junta.