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2017.06.28
| Won | Pyongyang | Sinuiju | Hyesan |
|---|---|---|---|
| Exchange Rate | 8,070 | 8,050 | 8,095 |
| Rice Price | 5,800 | 6,000 | 5,900 |
North Korea’s untapped mineral reserves are 24 times greater than those of South Korea, and are estimated to be worth approximately worth US$6.314 trillion.
This figure first appeared in a North Korean report entitled “A Geographic Encyclopedia of Chosun – North Korea’s Geography and Underground Resources.”
National Assembly lawmaker Oh Young Sik of the Trade, Industry and Energy Committee (Democratic Party) today publicized these findings, as discussed in a paper published by the Korea Resources Corporation and the North Korea Resources Institute.
The paper concluded that North Korea is sitting on large deposits of crystalline graphite (2nd in the world), zinc, lead, tungsten, magnesite (3rd in the world), silver (10th the world) and iron ore (11th in the world).
While North and South Korea have cooperated in the past at the Chongchon Graphite Mine in South Hwanghae Province, this project ceased in 2010 following the sinking of the ROKS Cheonan.
However, China continues to remain active. 80 out of the 89 foreign companies involved in mining in the North are Chinese.
Oh expressed his hope that this situation would change; “Over the last few years, foreign-led development projects to extract minerals have repeatedly failed. Some have even faced financial insolvency. Rather than excessive foreign investment, a unified Korean peninsula could invest in the North’s mineral industry. This would catch two rabbits at once - stable procurement of these resources and peaceful inter-Korean relations."
This figure first appeared in a North Korean report entitled “A Geographic Encyclopedia of Chosun – North Korea’s Geography and Underground Resources.”
National Assembly lawmaker Oh Young Sik of the Trade, Industry and Energy Committee (Democratic Party) today publicized these findings, as discussed in a paper published by the Korea Resources Corporation and the North Korea Resources Institute.
The paper concluded that North Korea is sitting on large deposits of crystalline graphite (2nd in the world), zinc, lead, tungsten, magnesite (3rd in the world), silver (10th the world) and iron ore (11th in the world).
While North and South Korea have cooperated in the past at the Chongchon Graphite Mine in South Hwanghae Province, this project ceased in 2010 following the sinking of the ROKS Cheonan.
However, China continues to remain active. 80 out of the 89 foreign companies involved in mining in the North are Chinese.
Oh expressed his hope that this situation would change; “Over the last few years, foreign-led development projects to extract minerals have repeatedly failed. Some have even faced financial insolvency. Rather than excessive foreign investment, a unified Korean peninsula could invest in the North’s mineral industry. This would catch two rabbits at once - stable procurement of these resources and peaceful inter-Korean relations."
