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KORES Resource forced to sell stake in Cobre Panama copper mine - Report-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
4/24/2019 - Copper exhibition -non-ferrous metals expo |
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Business Korea reported that Korea Resources Corp recently called for bids for its 10%t share in the Cobre Panama copper mine one year ahead of commercial production. Four or five foreign companies reportedly participated in the tender. In other words, the stake is likely to end up in the hands of a foreign company once the sale procedure is completed in May. Back in March 2018, the South Korean government told state-run energy development companies to sell off their overseas assets.
The copper mine is located in Donoso, Colon, 120 kilometers to the west of Panama City. The project is one of the most successful overseas resources development projects of KORES. The mine, the 10th-largest of its kind in the world, has 3.2 billion tons of copper. KORES has participated in the project for 10 years, test production started in February this year, and commercial production can be initiated early next year, which means risks are already addressed. The commercial production is expected to lead to an annual supply volume of 35,000 tons.
In fact, the non-participation of South Korean energy development companies was already predicted. Those in the private sector include POSCO Daewoo, LG International and Samsung C&T, and they are currently in no position to acquire the one trillion won project. Besides, overseas resources development is being shunned by both public and private companies in the wake of the corruption scandals during the previous Lee Myung-bak administration
有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会
-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
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