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Korea Resources Acquires Stake in South African Coal Mine

By Joel ScanlonNov 30 2010

Korea Resources Corporation announced on Monday that it had bought a stake in a South African coal mine.

The company is believed to have acquired a 37% stake in the Vlakplaats coal mining project for US$ 13.8 million from the Australian company Continental Coal.

Korea Resources Corporation and Continental Coal hope to launch an exploration of the area next year to produce about 3 million tons of bituminous coal annually starting production in 2013 from the mine.

The Valkplaats coal mine is located 65 km east of Johannesburg. The mine is currently expected to have about 145 million tons of coal in its deposit.

Korea Resources Corporation said that the project would be their country’s first source of bituminous coal in Africa. It would also allow them to diversify their coal supply beyond Australian and Indonesian sources.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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APA
Scanlon, Joel. (2019, March 19). Korea Resources Acquires Stake in South African Coal Mine. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=1734.
MLA
Scanlon, Joel. "Korea Resources Acquires Stake in South African Coal Mine". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=1734>.
Chicago
Scanlon, Joel. "Korea Resources Acquires Stake in South African Coal Mine". AZoMining. https://www.azomining.com/News.aspx?newsID=1734. (accessed November 22, 2024).
Harvard
Scanlon, Joel. 2019. Korea Resources Acquires Stake in South African Coal Mine. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=1734.