POSCO has forged agreements with African partners to spur its move to develop natural resources in the region, the worlds No. 4 steel producer said Sunday.
During a week-long visit that ended Saturday, chief executive Chung Joon-yang agreed to jointly develop an iron ore mine in Cameroon, a company statement said.
The Mbalam mine is expected to annually produce about 35 million tons of high-quality iron ore starting 2014 from a prospective reserve of 200 million tons, it added.
The Pohang, North Gyeongsang Province-based steelmaker also won a package deal with the Democratic Republic of Congo to consider jointly developing a copper mine and helping build hydropower plants in the African country, POSCO said.
Regards Towner
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