* KORES looking to acquire coal mine stakes in Indonesia,
N.America
* In talks with Mongolia, Russia over Tavan Tolgoi stake
By Cho Mee-young
SEOUL, March 16 (Reuters) – Korea Resources Corp
(KORES) said on Friday that it plans to invest at
least 600 billion won ($532 million) this year in overseas
resources projects, and is looking to acquire stakes in
bituminous coal mines in Indonesia and North America.
Kim Shin-jong, president and chief executive of the state
run resource developer, said KORES, which invested nearly 780
billion won in overseas acquisitions last year, aimed to shore
up the country’s self-sufficiency level for six major minerals
to 50 percent by 2020.
Kim also said the company was in talks with Mongolia and
Russia to take a bigger stake in Mongolia’s Tavan Tolgoi coal
project, noting that a deal was unlikely to be finalised before
June because of a general election in Mongolia.
KORES has been leading South Korea’s drive to increase
self-sufficiency in key mineral resources such as iron ore,
coal, copper and rare metals to feed its manufacturing-based
economy, ranked Asia’s fourth-largest.
“It is the right time to invest and South Korea needs such
investments,” Kim told reporters, noting that energy and
resources prices were recovering after hitting lows in late
2008.
“We should secure at least 50 percent of our supply from our
own production to guarantee stability,” Kim said
Continued…
