Korean company wins mining rights in northern Cambodia

Tuesday, 20th November 2007

Korea.net (South Korea)
November 15, 2007

Korean resources developer has won exclusive mining rights in northern
Cambodia, an area that could contain large quantities of copper, zinc
and iron ore, the government said on Thursday (Nov. 15).

Ministry of Commerce, Industry and Energy said the eight mining zones
secured by Kenertec Co. cover 1,520 square kilometers — twice the size
of Seoul. It said preliminary surface surveys showed potentially large
metallic deposits.

In 2002, China carried out a detailed survey
of an area near Kenertec’s new claims, and discovered about 600 million
tons of iron ore underground.

The ministry said the company
plans to conduct more detailed seismic studies starting next year to
discern the size of the mineral deposits. Full-scale development of the
region will take place after a complete survey is conducted.

area has been relatively unexplored in the past because it was a
military-controlled zone and off-limits to civilians," said a
government official. He said with the military taking steps to allow
development, the region is attracting interest from Chinese and
Vietnamese companies.

Seoul has been encouraging companies to
secure foreign resources in the past few years to cope with
skyrocketing raw material and energy prices.

10 thoughts on “Korean company wins mining rights in northern Cambodia

  1. It feels good to see our leaders are working hard to get Khmer people out of poverty. We explored the ocean, the land, the lake, …, and the mountain for all possibilities and leave no stone unturned. I hope and pray that we\’ll find something valuable to get us out of all the mess.Good luck everyone!KruSeul.

  2. Well, no one like foreigner to dominate our economy, but we don\’t have the money or knowledge tomake use of this type of resource. I mean metallic ore such as iron, zinc, cooper, … but we\’ll get somemoney for our resource to help build better economy and generate job for our people.Briefly, from the naked eye, the ore looks like dirt with dot of sparkle here and there when the light strike it froma certain angle. To extract the metal you have to heat the dirt until the metal melted and drip into a collectionarea. And it cost a lot of money for the fuel and to built a foundry for that, but we get jobs for our people, and we get to learn how they do it also.Similarly it is no different from oil. I mean we don\’t know how to to look for it, take it out from the ocean floor, refine it, … and that will cost us a lot of  moneys for the process. Thus, if the oil sell for 100 USD/barrel, it will be lucky if we get 50 USD for it.I hope that help put things in perspective for you.

  3. Then, let the Korea do what they can do on our land, but we – the government – must make sure the estimated money comes into our hand.

  4. Yes, you are on the right track, but the Korean should try to make progress in locating the resource.We don\’t want them to waste time with our land. If they can\’t find anything, we want someone elseto try. That way we have a chance.Keep in mind, that we are racing against inflation. No one will benefit from any growth, if the inflationis getting too high.

  5. Sure, Denith, the more people we can get to search for valuable resources, the quicker we find it.Why wait until after people died? That doesn\’t make sense. If we have resources, it should be usedto relief people from hardship as quickly as we can.

  6. Yeah, the government have been trying to get Japanese investors to come down.Many of our big shots (PM, NA pres, …) have been to Japan to show our support for their businesses. Maybe later on, they will come. Perhaps, they see us lacking infrastructures or politically unstable. Plus, there is also a possibility that they don\’twant to compete with China…. . That is just my guess though.

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