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First Hunan Enterprise to Invest in North Korea

It is announced at the 2012 Seminar on Offshore Mineral Resources (Hunan) on December 14 that Hunan Weijin Investment Group will start a gold ore project in North Korea, making it the first Hunan enterprise to invest in North Korea.

“North Korea is backward in infrastructure construction, so we can fulfill the requirements of mineral resources exploitation by offering technology and management support to the country’s key projects like highways and hotels”, said President of Hunan Weijin Investment Group Xia Juhua. He added that initially pumping 20 million US dollars into the gold ore project in North Korea, he is looking for collaborators to jointly exploit mineral resources like gold and rare earth at the seminar.

According to Xia, the mineral right is within Unsan County of North Pyongan Province, and the estimated gold reserve volume is above 50 tons. To earn the right, the group has invested in the construction of Korea’s first five-star hotel, which, with a planned height of 30 storeys, is expected to be completed in 2013.

Translator: Liu Fen

Source: Hunan Official Web Portal