Almonty has been preparing for the past five years to resume the production of tungsten production in Sangdong mine. Korea will be able to fulfill self-sufficiency of the natural resource and achieve remarkable economic growth based on the reopening of the Sangdong mine. Like many global companies that have already entered Korea, Almonty evaluates Korea as the ideal country to do business with the world's best human resources, innovation and advanced technology.

Industry/ Regional News

Gangwon Province has attracted a series of large corporate investments this year. The amount of investment attraction has more than doubled compared to the year before. According to Gangwon Province office, the amount of corporate investment attracted as of August was 470.2 billion won, which is more than twice the amount made in 2019 (216 billion won), with the fourth quarter still remaining. It also surpassed its performance in 2018 (428.8 billion won) and 2017 (413.3 billion won).

 

In order to revitalize the economy in the mining region in Yeongwol, Gangwon province, which has been hit hard by COVID-19, loans worth of 13.4 billion won will be provided to companies in the area. Yeongwol County office and the Korea Resources Corporation announced plans to carry out industrial loan support. The targets for this loan are start-ups and newly entering companies into the mining region’s promotional zone.

 

Korea’s Gangwon Province has successfully attracted more than twice the amount of corporate investment during the first three quarters of 2020 compared to 2019. However, what is more important than investment is the local sentiment. Local government much come up with measures to ensure that the effect of attracting corporate investment lead to regional development. A win-win strategy that both the companies and the local community can benefit from is crucial.

Government Legislation

 

 

 

 

Basic Plan for Resource Development (The Ministry of Trade, Industry, and Energy, 2020/06/05)

자원개발기본계획 (산업통상자원부, 2020/06/05)

The Ministry of Trade, Industry, and Energy (MOTIE) of the Korean Government announces10-year unit of long-term and comprehensive master plan every five years for the rational development of domestic and foreign resources. To establish a comprehensive plan for domestic and foreign resource development considering resource security, it integrates two plans, which are Basic Plan for Overseas Resources Development and Master Plan for Undersea Mineral Resources Development.