Media Room

Press Releases 2010

The IDC and KORES sign mineral resources co-operation

Johannesburg - The Industrial Development Corporation (IDC) today announced a strategic co-operation in the field of mineral resources with Korea Resources Corporation (KORES), a government financed institution of the Republic of Korea. The two entities signed a Memorandum of Understanding (MOU), where the main objective is to establish a strategic alliance between the Sides and to identify and carry out cooperative activities on the African continent and the Republic of Korea. The MOU, is valid only for twelve calendar months and is not intended to be a binding contract but instead represents their commitment to realise these objectives.

IDC Chief Executive, Geoffrey Qhena said: “This is the first step in establishing and developing comprehensive long term cooperation between the two organisations. Cooperative activities will include jointly identifying and developing mineral resource projects on the African continent and the Republic of Korea on job creation. The MOU could not have come at a better time when the IDC is joining forces with the country in the drive to increase power generation and also assist the rest of Africa in the maximum exploration of mineral deposits.”

KORES CEO, Shin-Jong, KIM said: “The MOU is aimed at demonstrating our efforts in strengthening and enhancing trade and economic relations through the mining industry by developing various commodities including manganese, chromes and other mineral resources between the Republic of Korea and South Africa which is a mining centre of Africa. The exchange of information will benefit both the IDC and KORES in joint projects origination in mineral resources in both territories.”


The IDC and KORES have agreed that the cooperation will focus on, although not limited to, joint investment in the exploration and development of mining projects in South Africa and African region and the exchange of information for strategic cooperation of such projects.

Ends

Issued by Brunswick on behalf of the IDC
Rachel Quigley
Tel: +27 11 502 7300
Cell: +27 82 317 4180

Nthabiseng Mofokeng
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Cell: +27 71 670 0153

For further information contact:

IDC

Mphilo Dlamini
Publicity Manager
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Cell:+27 71 224 6503

Notes to Editors

About the IDC
The IDC is a self-financing national development finance institution whose primary objectives are to contribute to the generation of balanced, sustainable economic growth in Africa and to the economic empowerment of the South African population, thereby promoting the economic prosperity of all citizens. The IDC achieves this by promoting entrepreneurship through the building of competitive industries and enterprises based on sound business principles.

The IDC’s sector strategy has evolved to meet the demands of a promising, but challenging economic landscape.

About KORES
KORES is a wholly owned government enterprise and a representative mining company in the republic of KOREA. Over the past forty years, KORES has contributed to the national economic development by supplying stable energy and industrial mineral resources. For these roles, KORES has been leading and supporting a Korean mining sector. While Republic of KOREA depends on foreign countries for 97% of the energy and mineral resources, independent resource developments are one of KORES's key tasks for the economic development.

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