In Myanmar, PanAust holds an 90 per cent interest in Wuntho Resources Company Limited (WRCL) and has established a joint venture with Myanmar Energy Resources Group International Company Limited (MERG), a Myanmar-based company which holds the remaining 10 per cent of WRCL.
On 5 July 2018 – following the approval from the Government of the Republic of the Union of Myanmar – PanAust announced it had been awarded thee Exploration Licences in the Sagaing Region. Covering copper and gold prospecting and exploration, the Licences were the first awarded under the Myanmar Union Government's new minerals regulations.
The Exploration Licences comprise the Ton Kyaung, Taung Kon and Naugphat blocks. Together, the blocks represent a 562 square-kilometre area in the highly prospective Wuntho Massif region.
The 2018 Licences complement those granted in 2016, marking PanAust’s first venture into Myanmar. The 2016 Exploration Licences lie within a 213 square-kilometre contract area in the Sagaing Region and cover three tenement blocks: Hel Chain, Pin Hin Hka and Nam Awl.
Phase one of a scout drilling program of the WRCL tenements commenced in late December 2018.
PanAust, including all its subsidiaries and local partners, has a zero tolerance policy regarding bribery and corruption. PanAust's code of conduct - 'The PanAust Way' - outlines the Company's stance on this issue, and outlines the minimum standard of behaviour expected of PanAust directors, employees and business partners when working for or with PanAust.