POSCO, Korea Resources to develop overseas minerals

SEOUL, July 14 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Tuesday
that it will jointly develop overseas minerals with the state-run Korea Resources
Corp. as part of efforts to secure a stable supply of raw materials.
The two companies will explore overseas deposits of coal, iron ore, nickel, and
other minerals, POSCO said.
In June of this year, POSCO signed a memorandum of understanding with the
state-run Export-Import Bank of Korea on the development of overseas minerals
which will help the steelmaker finance overseas resource development projects.
Korea Resources is currently involved in exploring iron ore, nickel and other
resources in Australia, Canada and other countries.
Poor in natural resources, South Korea imports most of the raw materials needed
to fuel its industries from abroad. In recent years, South Korean companies have
with government support signed numerous joint development contracts concerning
oil, gas, coal and minerals.
POSCO reported a 71-percent on-year drop in its second-quarter earnings on
Monday, citing falling steel demand and high costs of raw materials.
sam@yna.co.kr
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