For those holding NTO check out the third paragraph. The article is a few months old but show party's interested in AR.
The Koreans could buy NTO today for $600 million and get 100% of Aqua Rica and 12.5% of Alhumbrea. I'm now expecting NTO to get a deep pocketed partner or bought out.
Global News Wire - Asia Africa Intelligence Wire
Yonhap
June 27, 2006 Tuesday
HEADLINE: S KOREA PUSHING TO TAKE PART IN RESOURCES DEVELOPMENT IN SOUTH AMERICA
SEOUL, June 26 (Yonhap) -- South Korea is pushing to develop natural resources in South American countries as part of its efforts to diversify raw material imports to better fuel its economy, the Ministry of Commerce, Industry and Energy said Monday.
The ministry said a delegation led by Kim Shin-jong, the deputy minister for the energy and resources policy office, visited Buenos Aires last week and will be in Mexico City this week, to discuss outstanding issues in this field.
Rising raw material prices and a surge in demand have caused raw material prices to become unstable in recent years. Being able to import resources from a diverse source is expected to alleviate the country's vulnerability to sudden price changes.
Kim was accompanied by executives from the Korea Oil Corp. the Korea Resources Corp., the Korea Trade-Investment Promotion Agency and Daewoo International Corp.
In the two-day talks in Argentina on Thursday and Friday, the possibility of South Korean companies taking part in the development of the Agua Rica and El Pachon copper mines was discussed in detail, with Buenos Aires promising support.
The two sides also touched on South Korea taking part in the "golden oil" project to develop new oil fields, and technical cooperation to analyze the potential value of mineral mines.
In Mexico City, the South Korean side wants support for South Korean companies to take a greater role in the Sonora gold mine, which produces 80 percent of that country's gold.
In the talks that will be held on Monday and Tuesday, the two sides are expected to agree on technical cooperation between the Korea Institute of Geoscience and Mineral Resources and Service Geological of Mexico.
Seoul is also seeking cooperation to enter Mexico's commercial nuclear power development, a field in which it enjoys international cooperation.
Since 2004, Seoul has stepped up efforts to cultivate ties with resource-rich South American countries including Peru, Chile, Argentina, Mexico and Brazil. Government officials said they planned to continue this endeavor in the coming years. |
