This is correct in the case of MYL. More generally, the role of MIC is broader. Suppose a foreign company is setting up a pharmaceutical factory. They would need to identify land to build the factory and get it zoned correctly, get FDA approvals to be a manufacturing facility, hire foreign and local workers, and have a plan for dealing with any hazardous waste (for example). All of those things would require separate consultations and agreements with several different ministries individually. MIC is supposed to be the place where all that comes together - so it checks not only that each concerned ministry is happy, but that all necessary government agencies have been consulted and approved. And finally that the whole investment is good for Myanmar (including what tax breaks are appropriate etc).
That can be quite complicated and take time. MYL is a much easier case. The land is already taken care of - it's already a mine and MYL has the license, so that's done. Then its about the mining, profit sharing, tax, environmental and social plan. All of that is within one ministry. So MIC's job should be easy: check all the paperwork is in order, check MONREC is happy (which they will be if they signed off) and check it makes sense for Myanmar (massive revenue for the state plus the confidence boost from securing such a large amount of FDI).
So, I view getting to MIC as the important part, then it's basically a question of when not if. All IMHO, DYOR etc.
MYL Price at posting:
9.4¢ Sentiment: Buy Disclosure: Held
