Korea Mine Rehabilitation and mineral Resources Corporation (KOMIR) will finance 109.4 billion won this year in support of the Korean resources industry, such as facility loans, expanding safety facilities and equipment using smart mining techniques.
In particular, KOMIR will double down on support of the safety sector to protect mining workers’ lives.
KOMIR held a session to discuss projects offering support targeting the Korean resources sector at KOMIR headquarters in Wonju, Gangwon-do, on Jan. 10.
The event, which took place with about 200 people from the Korean resources industry in attendance, served as an opportunity to introduce the nation’s support policies to the Korean mining industry, resources industry fund loans and shared growth programs.
Specifically, KOMIR allocated 2.5 billion won for implementing projects to modernize mines, 5.1 billion won to conduct precision surveys and exploration drilling, 8.4 billion won for the prevention of safety accidents, 2.6 billion won to conduct activities to prevent damage, caused by mining and 80 billion won for low-interest loans to mines.
The corporation will prioritize supporting data mining equipment designed to raise productivity using ICT and eco-friendly equipment to support mines’ ESG management, new and SMEs mines.
KOMIR President Hwang Kyu-yearn said, “The Korean mining industry is suffering from the so-called Three Highs: inflation, caused by the Russia-Ukraine war, interest rate hikes and mines’ declining profitability, and we’ll offer full support to overcome hardships of the field and raise competitiveness.”
KOMIR, Facilitator to Secure State’s Core Resources
Korea Mine Rehabilitation and mineral Resources Corporation (KOMIR) embarked on efforts to ramp up its role as a whole-cycle facilitator to stabilize the value chain of core resources.
The step is designed to lead resources security of the nation’s core resources and be reborn as an institution with global competitive edge.
The government announced strategies to secure national core resources and had a meeting with related organizations and companies at Lotte Hotel in downtown Seoul on Feb. 27.
Among about 20 people on hand were Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy, KOMIR, and industry representatives.
The government released three strategies: ramping up responses to crises, diversifying efforts to secure national core resources, and building core resources infrastructure.
The government set goals of halving Korea’s dependence on a certain country and raising the rate of recycling to 20 percent.
In accordance with the strategies, KOMIR plans to step up efforts to secure a stable supply of core resources, such as upgrading resources information services, ramping up overseas project exploration and surveying, expanding imports from the nation’s own mines, enlarging core resources stockpiling items and dates, and building recycling infrastructure.
KOMIR President Hwang Kyu-yearn said, “An unstable value chain of core resources around the world is exacerbating the uncertainty of the future of the Korean economy.”
He said KOMIR would speed up field support to the private sector to achieve tangible outcomes in accordance with the strategies to secure national core resources, announced by the government.
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