South Korea Mining News

Korea Resources wants at least 10% of world’s largest met coal deposit

State-run Korea Resources Corp. (KORES) is planning to invest at least US$532 million (600 billion won) in mining projects abroad this yea, particularly in the coal sector of Indonesia and North America, reports Bloomberg.

Woulfe Mining sheds 8.5% despite positive gold mine PEA

Woulfe Mining was off 8.5% to trade at 32 cents on the Canadian venture exchange today despite delivering a preliminary economic assessment for its Muguk gold project in Korea.

Woulfe Mining ups indicated resource at Sangdon tungsten project 2.75 times

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce the following completion of the phase 2 drilling and further h...

Africa diamond mine scam implicates Korean ministers and execs who made quick $70 million

Originally touted as a 'model of successful resource diplomacy' Korea's successful 2010 bid for a diamond project in Cameroon now appears to have been an elaborate scheme that netted company insiders and senior government officials at least $70 million in stock trading profits.

South Korea's POSCO mulls joining $1.3bn GTT bid

The company said Monday it had been approached by the sale's advisor about participating in the $1.3 billion bid for French engineering company GTT but stated that talks were at a very early stage.

More coal gasification progress with new GE technology IGCC plant in South Korea

GE has been selected by Korea Western Power Co (KOWEPO) for the first integrated gasification combined-cycle (IGCC) power plant to be built in South Korea and one of the first in Asia.

S. Korea raises gold reserves amid global fears

South Korea's s central bank said Friday it has increased the amount of gold it holds as it moves to hedge against global volatility caused by European and US debt crises.

Woulfe Mining buys out royalty and moves to 100% ownership of Sangdong project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) - Woulfe Mining Corp. (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) ("Woulfe" or the "Company") is pleased to announce that it has negotiated the purchase of the 2% net smelter royalty retained on the Sangdong tungsten-molybedenum project in South Korea from the vendor, Se Woo Mining Co. Ltd., for CDN$3.5 million, of which $500,000 was paid on execution of the agreement and the balance of which is payable by December 19, 2011.

South Korea’s Komipo buys high calorific value coal

South Korean utility Korea Midland Power (Komipo) has bought three Capesizes of NAR 5,900kcal/kg coal South African coal and one Capesize of the same-specification Canadian coal for about $114/t each and $118/t, respectively.

Hanjin Shipping inks 15-year coal contract with Kospo

Hanjin Shipping signed a 15-year consecutive voyage contract on Wednesday with Korea Southern Power (Kospo) to provide two capesize vessels for the transportation of soft coal.

Dispute halts New Caledonia nickel ore exports to South Korea

A dispute in the north of New Caledonia has stopped the export of nickel ore from the SMSP site to its South Korean partner, Posco. Members of the Kaala-Gomen tribe claim that the United Nations Declaration on the Rights of Indigenous Peoples provides for them to have a share of the profit drawn from mining.

Woulfe turns focus to re-opening largest gold mine in South Korea

Woulfe Mining announced Monday it is fast-tracking the evaluation of its Muguk gold project in South Korea, the largest gold mine in South Korea until its premature closure in 1997 due to low gold prices. The TSX-listed company says it is now able to focus on Muguk as its Sangdong tungsten-molybdenum project, is progressing at a rapid rate with production scheduled to commence in early 2012. The mine, believed to be one of the largest in the world, would produce about 4,000 tonnes of tungsten worth $180 million per year.

South Korea seeks 100 tonnes tin ingot for November arrival

Reuters reported that South Korea is seeking 100 tonnes of tin ingot via tender for November 11th 2011 arrival to the port of Incheon.

South Korean H1 CR stainless steel sheet output up by 4pct YoY

According to data of Korea Iron and Steel Association, South Korea produced 638,957 tonnes of stainless steel sheets in the first half of 2011, up by 4.2% YoY in comparison of that in the same period of last year.

ABB wins $20 million metals order in South Korea

ABB, the leading power and automation technology group, recently won an order from Hyundai Steel Company (HSC) to supply the drive system for the extension of its existing heavy plate mill in the Chungnam province of South Korea.The integrated mill produces high-quality automotive and shipbuilding steel plates.

Woulfe Mining secures production permits for S. Korea tungsten mine

Woulfe Mining Corp. announced Tuesday it has received permit approval for development of production at its Sangdong tungsten/molybdenum mine. The company’s primary focus is bringing one of the world’s largest past producing tungsten mines, the Sangdong mine, back into production. Woulfe’s goal is to commence production at the mine in the fourth quarter 2012 at an initial production rate of 1.2 million tonnes per annum.

Bank of Korea buys gold, first time in over 10 years

South Korea's central bank said it bought 25 tonnes of gold between June and July to diversify its foreign reserves, its first purchase in more than a decade, boosting its total gold holding to 39.4 tonnes.

South Korea calls for fresh talks with Mongolia over coal deposit

SEOUL -- Seoul called Thursday for talks with Ulan Bator after a consortium involving South Korean firms was left off a list of groups chosen to develop a huge Mongolian mine, saying the decision was “unclear and unfair.”

Renewal of Long Term Agreements for supply of iron ore to Japan and South Korea through MMITC Limited

The Cabinet in its meeting held on 30th March, 2006 had authorised MMTC to engage in fresh Long Term Agreements (LTAs) with Japanese Steel Mills (JSMs), POSCO of South Korea and Chinese Steel Mills for supply of iron ore for a period of five years

Selwyn announces Korea Zinc warrants exercise

Released By Selwyn Resources Ltd. Share: Text Size: VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/07/11 -- Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE: SWN) is pleased to announce that one of its major shareholders, Pan-Pacific Metal Mining

Seoul wants fresh talks over Mongolia coal mine

Seoul called Thursday for talks with Ulan Bator after a consortium involving South Korean firms was left off a list of groups chosen to develop a huge Mongolian mine, saying the decision was "unclear and unfair". Out of six preferred bidders, Mongolia on

Woulfe Mining reports final drill results for Phase 1 feasibility drilling program

Woulfe Mining Corp. CA:WOF 0.00% is pleased to announce assay results for batches six and seven of samples associated with the now completed phase 1 drilling program at Sangdong, South Korea. The tungsten-molybdenum mineralisation at Sangdong is hosted within three parallel, shallow-dipping skarn zones (Main, Hangingwall and Footwall) with a lateral extent of up to 1,200 metres along strike and 1,500 metres down dip. Highlights of the results include 17.3 metres (true width) of 0.87% WO3 in the Hangingwall Zone, 8.0 metres (true width) of 0.99% WO3 in the Main Zone and 8.2 metres (true width) of 0.68% WO3 in the Footwall Zone.

GTSO continues Mongolian export preparations as rare earth prices double

Green Technology Solutions, Inc. (OTCQB:GTSO) continues preparations to send core samples from three Mongolian rare earth mining sites to South Korea for analysis as prices on heavy rare metals more than double due to China’s tightening control of rare earth mining, production and exports. U.K.-based trade publication Industrial Metals reported last week that rare earth minerals dysprosium oxide and europium oxide, used in high-tech applications from nuclear reactors to smartphones, rose by more than 100 percent since the beginning of the month.

Canada’s Baja Mining Boleo copper project in Mexico to begin production in 2013

Korea Resources Corporation as says that its Boleo copper project in Mexico with Canada’s Baja Mining Corporation will begin production in 2013, supplying South Korea with about 30% of the mine’s output. The mine on Mexico’s Baja California Peninsula is expected to produce 38,000 tonnes of copper annually for 23 years starting in the H2 of 2013, according to the the Seoul based company which owns 30% of the project along with other Korean partners. Baja Mining holds the remaining 70% of the mine.

Posco finally gets $12bn nod from India

In India's biggest foreign investment deal since 1991, the Indian government has on Monday finally given South Korea's Posco the green light to build a giant $12 billion steel plant in the country. Posco has said it expects to renew `shortly' its pact with the Orissa government for building the $12 billion steel plant, even as the firm has assured that no exports of iron ore would be conducted from the site.