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Kazakhstan and South Korea to work on explorations in Karaganda Oblast

22 june 2014, 12:07
Photo courtesy of newskaz.ru
Photo courtesy of newskaz.ru

Kazakhstan has signed an agreement with South Korea on geological exploration of Dyusenbai section in Karaganda Oblast during the Kazakh-Korean Business Forum in Astana last week, Tengrinews reports citing Novosti-Kazahstan.

The agreement was singed by Kazgeologia  CEO Galym Nurzhanov and by the President of Korea Resources Corporation (KORES) Jung-Sik Koh. The Minister of Industry and New Technologies of Kazakhstan Asset Isekeshev and Korean Minister of Trade, Industry and Energy Yoon Sang-jick were also present at the signing of the agreement.

According to the press office of Kazgeologia, the Kazakhstani company signed an agreement with KORES on cooperation in exploration of complex ores at Dyusembai in Karaganda Oblast in March,2014. Investments for exploration are expected in the amount of $2 million during the first stage of the project.

Korea Resources Corporation (KORES), is one of Korea's state-owned energy and resources enterprises. The company has its roots in mining industry ever since its establishment in 1967 as Korea Mining Promotion Corporation.

KORES holds shares in 36 projects around the world. The total volume of investments it made amounted to $35 billion as of 2013.

By Gyuzel Kamalova

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