Mineral Resource
Resource exploration, development support
Supply of minerals can be secured by developing your own or purchasing from suppliers usually based on long-term contracts. Finding and developing resources underground requires a huge initial investment and a long payback period. However, high returns can be expected from successful development. KOMIR provides full-stream phased technological and administrative support from resource exploration– development- to production in order to reduce business risks and increase the success rates of private companies who invest in resource development businesses domestically and abroad.
Resource exploration is finding useful ores from the surface and the underground. Site surveys and literature research are conducted to identify geological features, deposit types, grades, and reserves to decide feasibility on development and execution. KOMIR provides and supports during the exploration stage to help private companies execute overseas resource development projects and provides technical support from the early identification of promising projects to their development.
Survey support
We conduct various surveys and provide exploration costs during the early overseas resource development stage upon the request of private companies to reduce investment risks.
- Area: investment conditions survey, basic exploration, feasibility study for share acquisition
Technology support
Our experts in overseas resource development provide all the technological support needed, including identification of promising projects, technological support, to strengthen overseas resource development capacity, and the promotion of business execution.
Promotion of Domestic Mine Industry
Minerals are resources for major industries, from manufacturing to the cutting-edge Fourth Industrial Revolution products. A stable supply of minerals is essential to strengthen the basis of the national economy. Domestic mining absorbs price shocks when there is a price hike in the global market and serves as a safety net that supplies resources that are required by domestic industries. We operate expert technical support and development support services for exploration and drilling to promote domestic resource industries.
Support of exploration and drilling
We support the exploration and the drilling required to secure mineral reserves as designated in Article 3 of the Mining Industry Act and establish GIS to respond to industrial changes and market changes in mineral resources, and secure a stable mineral supply foundation.
- Area: detailed survey, prospect drilling, GIS establishment
- Detailed survey: calculate new reserves in Korea through integrated exploration
- Prospect drilling: Quantify potential mineral resources by studying existence of minerals, geological structures, and grade
- Establishment of GIS: build GIS based on the results of the detailed survey and prospect drilling
Enhancement of Mining
We provide technological and financial support to add value and enhance the productivity of the mining resource development of Korea.
- Area: exploration drift for metal mines, modernization development, smart mining
- Exploration drift for metal mines; finance drifting cost to secure new mineral reserves
- Modernization development: Supporting modernization of facilities and equipment to develop eco-friendly mines and enhance mining productivity
- Smart mining: provide equipment and facilities needed to introduce smart mining to realize high-efficiency, low-cost, zero-disaster mining sites
Resource Development Contract Service
We perform resource development-related contractual services upon the request of private companies and the national or local governments using our expert technologies and manpower in accordance with Article 8.17 of the Korea Mine Rehabilitation and Mineral Resources Corporation Act.
North Korea Resource Cooperation
In preparation for reunification, we are promoting cooperative projects between the North and South in the development of mineral resources and the mineral resources industry.
Strategic Stockpiling of Mineral Products
Rare metals, known as the vitamin of industry, show a rapid increase in demand in the Fourth Industrial era. Rare metals are produced in a limited number of areas and show an unstable supply due to resource nationalism and internal and external trends. Therefore, we stockpile on raw minerals that are heavily dependent on imports to be prepared for a shortage of supply in Korea.
Since 2004 and until 2016, we have stockpiled on ten different types of minerals, including chrome that will last for 64.5 days on average. Since 2017, we are carrying out lending (during normal times) and releasing (during supply and demand crisis) projects to address supply shortages and demand and price hikes in the private sector.
- Areas: lending, releasing projects, operation of a private-public consultative body on stockpiling of minerals