Korea Resources to Set Up Pyongyang Office

By Seo Jee-yeon Staff Reporter The state-run Korea Resources Corporation (KORES) Monday said it is proceeding with talks with North Korea to form a partnership for mineral resources development projects, with one of the first visible results expected to be made in the opening of a liaison office in Pyongyang. "We will firm up the talks, with the North Korean investment environment getting a green light following a recent landmark six-nation accord on ending the North’s nuclear programs," KORES president Park Yang-soo said. "We are developing five projects with the North, including the development of a black lead mine located in Yonan County, South Hwanghae Province." KORES has constructed facilities for the black lead mining, which will be the first inter-Korean project in the mineral resources sector. It expects to see test operations of the facilities in November this year. To speed up the partnership negotiations, the head of KORES said the company dispatched an executive to the North early this month to set up a liaison office in Pyongyang and to take care of ongoing partnership talks in mineral resources development. We aim at opening the Pyongyang office by year’s end,’’ Park added. In addition, KORES plans to conduct a geological survey on the whole region in the North for three years between 2006 and 2008 to tap opportunities for additional inter-Korean projects in the natural resources field. Favored natural resources for joint development include iron ore, magnesite, copper and zinc. The government will allow the entry of private firms to join the mineral resources development projects in the North in the future through KORES-led consortiums. jyseo@koreatimes.co.kr