Korean Cos In Pact To Jointly Develop Copper Mine In Bolivia
Thursday, June 19, 2008; Posted: 04:15 AM
Stocks RSS
tradingmarkets.com
SEOUL, Jun 19, 2008 (Dow Jones Commodities News via Comtex) -- LGTRF | Quote | Chart | News | PowerRating -- A consortium led by state-run Korea Resources Corp., or Kores, signed a contract Thursday to invest $210 million in exploring and developing a copper mine in Bolivia, the Ministry of Knowledge Economy said Thursday.
The consortium, which includes LS-Nikko Copper Inc., LG International Corp. (001120.SE) and Daewoo International Corp. (047050.SE), will jointly explore and develop the mine with Bolivia's state-run Comibol, it said in a statement.
The South Korean companies will have the right to run the mine for 30 years and the exclusive right to sell the products. The Korean consortium and the Bolivian company will split the profits from the mine by 45:55.
The mine, located in the southern Andes in Bolivia's Pacajes district, has confirmed deposits of 15 million metric tons.
If exploration results are positive, the mine is expected to produce 30,000-50,000 tons annually.
-By Shin Jung-Won, Dow Jones Newswires; 822-2198-2240; jung-won.shin@dowjones.com
(END) Dow Jones Newswires
06-19-08 0415ET |
