South Korean Companies to Produce 11,000 Tons of Copper Annually in the Philippines

Strategic Insights -

South Korean companies, LG International and Korea Resources, have partnered with Australian mining company, Lafayette Mining Limited, to develop a copper mine in the Philippines. The Rapu Rapu mine, located 375 kilometers southeast of Manila, will produce 11,000 tons of copper annually for the next five years. This move aims to secure a steady supply of copper for South Korea, which imports over 925,000 tons of the metal each year due to soaring international prices. The project also plans to produce 13,000 tons of iron, along with some gold and silver.

Key Takeaways:

  • LG International and Korea Resources have acquired a 26% stake in the Rapu Rapu mine in the Philippines.
  • The mine will produce 11,000 tons of copper annually for the next five years.
  • The project also plans to produce 13,000 tons of iron, along with some gold and silver.
  • The development of the mine is expected to provide a steady supply of copper for South Korea.
  • The mine is located in Albay Province, 375 kilometers southeast of Manila.
  • South Korea imports 925,000 tons of copper and 755 tons of iron annually due to soaring international prices.
  • The project is expected to start full-fledged production after environmental surveys are concluded.
  • The mine began experimental mining in September.
  • The two countries also discussed cooperative tie-ups in power plant construction, information technology, and rural development.

Statistics:

  • 11,000 tons of copper to be produced annually for the next five years.
  • 13,000 tons of iron to be produced annually.
  • 925,000 tons of copper imported by South Korea annually.
  • 755 tons of iron imported by South Korea annually.
  • 26% stake acquired by LG International and Korea Resources in the Rapu Rapu mine.
  • 74% stake held by Lafayette Mining Limited in the Rapu Rapu mine.

Sources:

  • Asia Pulse
  • Ministry of Commerce, Industry and Energy
  • Yonhap
  • KSE:001120 (LG International)
  • ASX:LAF (Lafayette Mining Limited)