FYI,Not sure if this has been posted, intresting read.KLHOME >...

FYI,

Not sure if this has been posted, intresting read.

KL


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SAVING ON IMPORTS
South Korea’s first molybdenum smelter begins production
South Korea’s first molybdenum smelter, the world’s seventh largest, has begun commercial production, eventually permitting the nation to export concentrates to Japan and Taiwan.

Author: Dorothy Kosich
Posted: Monday , 14 May 2007

RENO, NV -

South Korea has begun commercial production at its first molybdenum smelter, the world's seventh largest, at Yeosu in the South Jeolla Province.

State-run Korea Resources Corporation, which supports domestic mining and makes overseas investments to secure mineral resources, announced the opening of the 6,000 tpy smelter Sunday. It is aimed at reducing the nation's dependence on refined imports from China and Chile.

Bloomberg reported that the smelter-a joint venture between Korea Resources and Seoul-based metals trader KTC Korea Co--will initially meet 35% of domestic demand and save $140 million annually in imports. The smelter is anticipated to meet 70% of domestic demand when it doubles capacity.

The smelter will process 670 tonnes of ore from Korea's only molybdenum mine in Uljin. Half of its production is destined for South Korean mega-steel manufacturer Posco.

Lee Han Ho, CEO at Korea Resources, told reporters the company has plans to develop more mines in the nation. He added that the smelter will allow South Korea to export molybdenum to Japan and Taiwan.

Youn Cheal Hean, a director general at Korea Resources business development team, told Bloomberg that domestic smelting of the molybdenum ore is 10% to 13% cheaper than buying the refined product. He anticipated that the smelter will break.