Myanmar on Monday invited foreign firms to invest in its mining sector, in the latest step to open up its economy.
"For investors who would like to do exploration to confirm the reserve of a deposit or to start with the grass-roots exploration operations in a virgin land, they may apply accordingly, clearly stating their intentions," Win Htein, a top official at the Ministry of Mines, told a conference in Yangon.
"Funds required to conduct the prospecting, exploration and feasibility study are borne by the investor 100 percent at his own risk," he said.
President Thein Sein has vowed to put the economy at the center of his next wave of reforms, following a series of dramatic political changes.
With Western nations now rolling back sanctions, interest from foreign firms is growing.
Critics say the rewards of the nation's energy bounty have so far been shared among foreign investors and the regime, rather than its impoverished people.