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Marine mining area about 350 times bigger than Yeouido’secured in Fiji, the Southwest Pacific

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  • Date : 2011-11-11
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Marine mining area about 350 times bigger than Yeouido’secured
in Fiji, the Southwest Pacific
KORDI secures exclusive hydrothermal deposit mining area in EEZ of Fiji -

 

□ On NOV 11th, KORDI (president Jung-geuk Kang) announced that it has secured an exclusive hydrothermal deposit mining area approximately 350 times larger than Yeouido (about 3,000 ㎢) in Fiji. 
 

 ㅇ The seafloor hydrothermal deposit was formed through a process of hydrothermal heated by magma being released through seafloor bedrock at a depth between 1,000 and 3,000m, and it contains major metals such as gold, silver, copper, and zinc. Mining 300,000 tons of this next-generation strategic mineral deposit for 20 years is expected to be worth about USD 6.5 billion in metal imports. (USD 0.32 billion per year)

 ㅇ  KORDI is planning to recruit private enterprises to explore and evaluate available resources in the promising hydrothermal deposit mining area in coordination after 2017.

□ Securing this exclusive mining area in Fiji is KORDI's second accomplishment since securing an exclusive mining area (about 24,000㎢) in EEZ of Tonga, the Southwest Pacific in MAR 2008 with the support of MLTM.

 ㅇ Analysts consider this accomplishment to be a result of the government's pre-emptive investment to pioneer the wide overseas marine resource/economic territory, in this age in which nations are engaged in fierce competition to secure resources.

□ The accomplishment is particularly meaningful, in that KORDI won the fierce competition against multinational private enterprises based on the performance of its research and development of marine science technology.

 ㅇ Coasts in the vicinity of island nations in the Southwest Pacific are areas in which private multinational mineral resource development enterprises are in the midst of fierce competition to secure mining areas, as abundant marine mineral resources are distributed throughout the coasts. KORDI had a fierce competition against private enterprise Nautilus while striving to secure the mining area in Fiji. 

 ㅇ The Fiji government finally granted an exclusive right to explore to the Korean government, as it recognized our seafloor mineral resource development research performance and technological superiority in mining, shipbuilding, and refining.

□ According to KORDI, obtaining the exclusive right to explore the mining area in EEZ of Fiji will give it the chance to secure an additional long-term stable marine mineral resource and strengthen Republic of Korea's diplomatic?economic position around island nations in the Southwest Pacific.  

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Last Update : 2019-11-19