South Korea to expand mineral uplift in North
SEOUL: South Korea’s energy ministry said on Thursday it plans to speed up development of vast mineral deposits in North Korea in 2008.
Under the plan, South Korea will focus on developing two regions in the North, Dancheon in South Hamgyong province on the east coast and Haeju-Nampo in the west, which contain magnesium and graphite deposits, the ministry said in a statement.
“We will also invest in upgrading infrastructure, including power plants and railways in Dancheon,” the ministry said. It did not provide the value of the investment. The government will attract private companies to join the mineral development in Haeju-Nampo belt, the ministry added. North Korea is estimated to have 200 types of natural resources and 20 types of major industrial metals, including 5 billion tonnes of iron ore. The potential value of North Korea’s mineral deposits is $2.4 trillion, according to Korea Resources, a South Korean state-backed group. reuters
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| Monday, October 10, 2005
