Korea Resources Corp buys stake in South African coal mine.

By bne IntelliNews November 30, 2010
State-run Korea Resources Corp (KORES) has acquired a stake in a bituminous coal mine in Vlakplaats, South Africa, from Australia-based Continental Coal for USD 13.8mn. The deal, which is Korea's first coal project in Africa, is expected to help diversify the country's coal supply, JoongAng daily reported. Korea imports all of its power-related bituminous coal from overseas, with 75% of it imported from Australia and Indonesia, KORES chief executive, Kim Shin-jong, was quoted as saying. The deal, which allows the country to expand into South Africa, is significant in that it will allow Korea to stabilize its supply and demand, the official noted. According to KORES, Korea imported around 96mn tons of bituminous coal in 2009, of which 600,000 tons were imported from South Africa.

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