S. Korea Announces Copper Discovery in Peru

28 December 2005 | 04:32 Code : 7197 Geoscience events
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An international consortium, including a South Korean state-run resources development firm, has found a large deposit of copper in Peru, government officials said Wednesday...
An international consortium, including a South Korean state-run resources development firm, has found a large deposit of copper in Peru, government officials said Wednesday.
The discovery in the South American nation's Marcona mine is presumed to total about 200 million metric tons of copper ore, the Ministry of Commerce, Industry and Energy said in a statement. The mine was already found to contain 218 million metric tons of copper ore, according to the statement.
South Korea's state-run Korea Resources Corp. and LS-Nikko Copper Inc., the nation's only copper smelter, each have a 15 per cent stake in the mine, and the remaining 70 per cent is owned by Canada's Chariot Resources Ltd., the ministry said.
Starting next year, the three companies will begin preparing to develop copper from the Marcona mine, and production is expected to start from the third quarter of 2009, the statement said.
The additional discovery is expected to help South Korea secure "stable" supplies of copper in times of surging copper prices, the ministry said.
South Korea imports almost all of its copper demand.
 

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