Korea Resources Increasing Overseas Mines to 43% by 2020

Bloomberg reported South Korea’s Korea Resources plans to raise the amount of minerals including uranium it receives from overseas to 43% by 2020.

As quoted in the market news:

The state developer may use government funding of 220 billion, Kim Shin Jong, Chief Executive Officer of the Seoul- based company, told reporters in Seoul today.

South Korea, the fourth-biggest economy in Asia that relies on imports for almost all its mineral needs, is competing with countries including China and Japan for natural resources. Korea plans to produce 43 percent of its demand for six strategic minerals including uranium, coal and iron ore from overseas mines by 2020, compared with 12 percent last year, the government said Feb. 16.

Click here to read the full Bloomberg report.