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YAOUNDE, Cameroon (Dow Jones)--The South Korean government will help build and establish an ultramodern research laboratory to develop the West African nation's mining industry, the head of a visiting Korean delegation of mining experts has told reporters.

Experts at the laboratory will train Cameroonians to test the quality and quantity of minerals, helping to plug a shortage of skilled local manpower so the country can exploit its vast wealth of resources in areas still unexplored.

Work on the 1.5 billion CFA franc ($2.99 million) building will begin next year and it should be completed in two years time.

"This laboratory will help to further mineral research here and develop the mining industry in Cameroon," said South Korean envoy Jung Ho Choi, late Wednesday.

The Korean delegation has been holding talks with members of the Cameroon government including the prime minister and the minister of industries, mines and technological development.

The delegation is also due to hold talks with Australia's Sundance Resources Ltd. (SDL.AU) which is involved in a huge iron ore project in eastern Cameroon. They will also have discussions with mining firm Geovic Cameroon PLC, 60% owned by Colorado-based Geovic Mining Corp (GVCM) which has a nickel, cobalt and manganese contract with Cameroon, a source in the ministry of mines told Dow Jones Newswires Thursday.

Cameroon owns vast mineral potential, ranging from iron ore, bauxite, uranium, diamonds, gold, nickel, cobalt and manganese, among others, but barely 0.13% of the resources are tapped in the 40% of the national territory surveyed.

Cameroonian miners will be trained in the laboratory to work in the mining industry and will also have two years training in South Korea, after which they will take over full management of the laboratory, said Jung.

-By Emmanuel Tumanjong; contributing to Dow Jones Newswires; [email protected]