The Industrial Development Corporation (IDC) yesterday (23 March) signed a memorandum of understanding with the Korea Resources Corporation (Kores) for strategic co-operation in the field of mineral resources.
Kores is a state-financed institution and a representative mining company of South Korea.
The IDC said the objective of the agreement was to establish a strategic alliance between the firms, as well as to identify and carry out co-operative activities on the African continent and in South Korea.
The South African national development finance institution said the memorandum was valid for 12 months and was not intended to be binding.
Geoffrey Qhena, the IDC chief executive, said: “This is the first step in establishing and developing comprehensive long-term co-operation between the two organisations. Co-operative activities will include jointly identifying and developing mineral resource projects on the African continent and the Republic of Korea, (and) job creation.”
The co-operation would focus on joint investment in the exploration and development of mining projects and the exchange of information on such projects.
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