Korea Resources May Spend 83% More on Overseas Mines

15 September 2010 (Last Updated September 15th, 2010 18:30)

Korea Resources may increase its investment in overseas mines by 83% in 2010 to secure South Korea's uranium, copper and coal supplies. The company has raised $550m to invest in new and existing projects, said Korea Resources CEO Kim Shin Jong. South Korea, which imports almost al

Korea Resources may increase its investment in overseas mines by 83% in 2010 to secure South Korea's uranium, copper and coal supplies.

The company has raised $550m to invest in new and existing projects, said Korea Resources CEO Kim Shin Jong.

South Korea, which imports almost all of its energy and minerals, is planning to increase the production of six commodities, including copper ore and coal, in order to cover 38% of its import needs by 2016 from Korean-owned overseas ventures.

Kim said the company is targeting projects in Africa and South America, reports Bloomberg.