Junta pushes to revive Mandalay gold mine tied to sanctioned tycoon

Myanmar’s military junta is moving to reopen a major gold mine in Mandalay Region controlled by a businessman sanctioned by the United States, sources say. The site, the Phayaung Taung gold mine in Patheingyi Township, is owned by former Mandalay Region chief minister Maung Ko, who was placed under US sanctions in December 2021.Records cited in a 2023 Environmental Conservation Report show that Maung Ko and his wife hold a majority stake in Myanmar Golden Point Family Co., Ltd., the company that controls the mining block. Experts say the move could underscore the regime’s continued reliance on well-connected cronies to sustain its revenue streams. Resistance forces from the Mandalay Region People’s Defense Force (MDY-PDF) seized the mine in August 2024, halting operations. The military recaptured the site in late August 2025 and is now preparing to resume production, according to local sources.A source close to the company told Myanmar Now that since the junta recaptured the mine, they have reapplied for the operating lease extension and allowed some company security staff back onto the site.“After the junta took it back, they didn't allow us entry at first,” the source said, requesting anonymity. “They are currently trying to get the contract signed. Only after the contract is signed can we proceed with other steps to resume operations.” When the mine was in operation, it was controlled by Maung Ko’s company, Myanmar Golden Point Family, a joint venture with Mining Enterprise 2. Phayaung Taung mine in Patheingyi Township is considered one of central Myanmar’s most distinctive gold deposits, operating independently from other major gold veins in the region and drawing periodic international attention. Former Mandalay Region Chief Minister Maung Ko in 2022, during his tenure as the military-appointed head of the regional government (Photo: MRTV) According to an Environmental Management Plan the company submitted to the Ministry of Natural Resources and Environmental Conservation in early 2023, the operation previously extracted about 120 tons of ore per day.Maung Ko, the owner of the mining block and a well-known gold tycoon, was awarded prestigious titles by the National League for Democracy (NLD) government before the 2021 coup. Despite sanctions, junta chief Min Aung Hlaing has also awarded Maung Ko titles for his involvement in the gold mining industry.

Junta pushes to revive Mandalay gold mine tied to sanctioned tycoon

Following a year under resistance control, the military backs renewed operations at a lucrative site linked to former regional chief Maung Ko

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