North Reveals Gold and Iron Ore Mining Deal

North Korea has revealed news of a deal with a Chinese enterprise for the joint development of three mines in the country.

According to documents made public on North Korea’s ‘Chosun Investment Office’ website today, the deal was originally finalized on June 9th.

“A party from the Chinese enterprise concluded the investment contract following an onsite inspection of one gold mine and two iron ore mines. Facilities are now being constructed, and things are proceeding smoothly,” it revealed.

‘Chosun Investment Office’ is the Beijing arm of North Korea’s ‘Joint Ventures Committee’, a state organization charged with attracting foreign investment to the country.

There is already a significant Chinese presence in mining elsewhere in North Korea. For example, Chinese entities own a 51% share of Hyesan Youth Mine, the largest copper mine in the country, which was bought for $860 million, and hold 50-year mineral extraction rights at Musan Mine in North Hamkyung Province.