Korea's KORES Inks Greenland Rare Earth Exploration Deal

Source:

"The deal, signed during a visit to Greenland by South Korean President Lee Myung-bak on Sunday, reflects growing Asian interest in the minerals of the North Atlantic island."

Reuters

State-owned Korea Resources Corporation (KORES) has agreed to work with Greenland mining firm NunaMinerals to seek opportunities for joint minerals projects, exploiting deposits of rare earths and other strategic metals.

The deal, signed during a visit to Greenland by South Korean President Lee Myung-bak on Sunday, reflects growing Asian interest in the minerals of the North Atlantic island.

Greenland, a self-governing province of Denmark with 57,000 inhabitants, has some of the world's biggest deposits of rare earth elements, strategically important metals in which China has a near monopoly.

"We have had a lot of other Asian companies visiting us in the last few years, but this is the first concrete agreement," NunaMinerals chief executive Ole Christiansen told Reuters by phone from Nuuk, Greenland, where the company is based.

"KORES are trying to secure raw materials for the Korean industrial sector, and they have a list of commodities they want to work on worldwide," he added.

No money changed hands under the memorandum of understanding, which Copenhagen-listed NunaMinerals said in a statement could in the longer term result in cooperative agreements on a number of mineral projects.

"This (...) could end up anywhere—as something or nothing," Christiansen said. "They would be joint venture-type activities, as I read it now, but we are open to almost any kind of cooperation with KORES". . .View Full Article

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe