Korea Resources Corp inks deal for Panama copper mine
Monday, 02 Nov 2009
English Chosun reported that the Korea Resources Corporation has joined hands with Korean mining company LS Nikko Copper to invest KRW 1 trillion in 5 year projects to develop a major copper mine in Panama.
KORES said that it signed a contract with Inmet Mining Corporation of Canada for an option to acquire 20 % stake in the Petaquilla copper mine in the Central American country.
According to KORES, Petaquilla contains an estimated 1 billion tonnes of copper. KORES and LS-Nikko will invest W185 billion by next year to verify the exact size of the copper deposits. If they choose to exercise their rights to the stake, they will pay KRW 840 billion, or 20% of the mine's estimated development costs of KRW 4.2 trillion.
