buy in of 2 corean firms in laf

S. Korean firms to begin copper production in Philippines
SEOUL, Nov. 14 (Yonhap) -- Two South Korean companies will produce 11,000 tons of copper annually in the next five years at a mine in the Philippines, the Ministry of Commerce, Industry and Energy said Tuesday.

Under an agreement reached at a two-day meeting between officials of the two countries that ended in Manila on Tuesday, the Korean companies, along with its Australian partner, will start production at the Rapu Rapu mine located in Albay Province, 375 kilometers southeast of Manila, it said.

LG International and Korea Resources have jointly acquired a 26 percent stake in the mine, with Australia\\'s Lafayette Mining Limited holding a 74 percent stake.

Rapu Rapu began experimental mining in September, with full-fledged production expected within the year after environmental surveys are concluded, ministry officials said.

"The development of the mine is important because it could allow South Korea a steady supply of the key raw materials in the midst of their soaring international prices," said Kwon Chul-hyun, an official at the ministry\\'s mine resource team.

The developers also plan to produce 13,000 tons of iron, along with some gold and silver, ministry officials said.
South Korea imported 925,000 tons of copper and 755 tons of iron last year to meet local demand.

At the bilateral meeting, the two countries also discussed cooperative tie-ups in power plant construction, information technology and rural development, the officials said.

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