South Korean KORES to invest $ 2 million in geological exploration at Duisembay deposit
ASTANA. June 19 (Interfax) - South Korean Korea Resources Corporation (KORES) plans to invest $ 2 million in the first phase of the Duisembay polymetallic deposit exploration project in Karaganda region.
KORES President Ko Jong-sik and chairman of the board of Kazakhstan's JSC Kazgeologiya Galym Nurzhanov signed an agreement on the project in Astana on Thursday during the Kazakh-South Korean business forum, an Interfax correspondent reported.
The signing ceremony was attended by Kazakhstan's Deputy Prime Minister-Minister of Industry and New Technologies Aset Isekeshev and South Korea's Minister of Trade, Industry and Energy Yoon Sang-jick.
In March 2014, Kazgeologiya and KORES signed an agreement on cooperation for implementation of the Duisembay polymetallic deposit exploration project, Kazgeologiya said in a press release. The project will begin in January 2015, according to Nurzhanov.
KORES, established in 1992, is owned by the South Korean government (99.8% of shares) and Development Bank of South Korea (0.2%).
KORES main activity is development of mineral deposits in South Korea and abroad, efficient project management to develop and support the mining industry as well as to ensure stable mineral resources supplies and promotion of South Korea's economy. It has stakes in 36 projects worldwide with a total of $35 billion in investments as at the end of 2013, and capital worth $12 billion.
Kazgeologiya was created in 2011 by an order of the Kazakh government. The company provides optimal development of the republic and increases the mineral resources base, as well as the economic and geopolitical interests of the country in Kazakhstan's section of the Caspian shelf.
