En+ Group and a consortium of South Korean investors with participation of state-owned enterprise Korea Resources Corporation (Kores) have agreed to set up a joint venture (JV) to develop the Chinea polymetal deposit in the Zabaikalsky region.

En+ Group subsidiary Strikeforce Mining and Resources (SMR) will act as the founding shareholder of the JV with a 51% share and South Korean consortium holding the remaining 49%.

En+ group managing director and SMR board chairman Anton Chertkov said the development of the Chinea deposit will drive long-term social and economic development of the Zabaikalsky region upon successful completion.

While the JV’s immediate plans are to produce mainly iron ore concentrate, it expects to initiate construction of process and metallurgical plant in future.