China, NK Jointly Developing Iron Mine
June 18, 2008
China is reportedly developing a North Korean iron mine through a joint venture with the North.
According to Chinese sources familiar with North Korean affairs, a leading Chinese magnesite processor is a partner in the joint venture. The development of the mine in Ongjin, North Hwanghae Province began in the second half of last year.
The two sides invested about 550 million U.S. dollars to establish the joint venture, which will first focus on mine development. It will later expand into building and operation of a power plant, port and steelworks.
Some 500 Chinese workers have been working at the mine since the second half of last year.
According to Chinese sources familiar with North Korean affairs, a leading Chinese magnesite processor is a partner in the joint venture. The development of the mine in Ongjin, North Hwanghae Province began in the second half of last year.
The two sides invested about 550 million U.S. dollars to establish the joint venture, which will first focus on mine development. It will later expand into building and operation of a power plant, port and steelworks.
Some 500 Chinese workers have been working at the mine since the second half of last year.
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