SEOUL, Aug. 17 (Korea Bizwire) — Daewoo International Corporation, Korea’s largest trading company, said on August 15 that it has acquired a stake in a copper mine in Wetar Island, Indonesia. The POSCO Group company signed on the 14th with Australia’s Finders Resources Ltd. to take a 24.1-percent stake in PT Batutua Tembaga Raya, the Indonesian firm operating the copper mine. Finders Resources is the largest shareholder in the operation.
At the cost of 46.0 billion won (US$45.1 million), the trading firm will be able to secure the long-term supply of copper ore, up to 20 percent of the mine’s output, as well as the opportunity to supply equipment and materials to be used in the mine and the smelter nearby.
The Wetar copper mine is currently producing 3,000 tons of electrolytic copper at its smelting facility. It plans to open a new smelter with a capacity of 25,000 tons by the end of 2015.
During the first half of this year, Daewoo International posted the highest sales revenue of 10.2 trillion won ever since its founding in 1967 thanks to the kickoff of commercial operations of the offshore gas fields in Myanmar.
The company is confident that the latest copper investment will be another success case. A company official said, “Following the oil and gas projects, we will keep expanding the areas of investment toward mineral development.”
Currently Daewoo International is undertaking a total of seven mineral development investment projects across the world including the Narrabri bituminous coal project in Australia and the Mayo Dale tin exploration project in Cameroon.
By Sean Chung (firstname.lastname@example.org)