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Korea joins DRC in water and mineral development

The Kamoto mine in
the DRC undergoes
Kinshasa, DRC — MININGREVIEW.COM — 06 March 2009 – The state-owned Korea Water Resources Corporation will  take part in a US$750 million (R8 billion) project to develop water and mineral resources in the Democratic Republic of Congo (DRC).

Revealing this in an e-mailed statement received here, partner Alfonso Rowemberg Korea said that, together with other Korean companies, Korea Water would build dams and other infrastructure. The Central African nation would in turn provide resources including 430 000 metric tons of copper, 21 500 tons of cobalt and 2 000 tons of uranium a year.

Paris-based Alfonso Rowemberg and DRC mining company George Forrest International Africa would form two ventures for the project, the statement said.

“Korea Water has a preliminary agreement for investments worth about US$700 million (R7.3 billion) in the DRC, though details haven’t been decided yet,” Kim Song-il, the Daejoen-based company’s African investment project manager, said in an interview with Bloomberg News.

Korea Resources Corporation – the state-run minerals explorer – will also join the deal by providing resources and developing technology, according to the Alfonso Rowemberg statement.

Forrest spokesman Henry de Harenne confirmed there was an agreement, though he was not able to provide more details. “The company will issue a statement later this week,” he said by phone from Brussels.