Another Tungsten mine coming soon in South Korea? Another Tungsten mine coming soon in South Korea?
Unheard of till now !!!! It's been in stelth mode or what?
Its reserve seems to be very small though; is it worth to even develope?
https://www.mk.co.kr/news/stock/10991421
Subject: Establishment of commercial production facilities for ‘tungsten’, a key mineral for warheads, at Ssangjeon Mine… Trial production in August
The Iran-Israel conflict and the Russia-Ukraine war are driving commercial production from domestic tungsten mines.
Tungsten is a core mineral resource that falls under all of the so-called ‘three supply chain laws’, including the Special Act on National Resources Security. GB Innovation, which is seeking to reopen the Uljin Ssangjeon Mine, announced on the 16th that the construction of a series of equipment for tungsten production, including mining and beneficiation, is in full swing. Test production is expected to be possible as early as August.
Jinovation and GB Innovation, which owns the mining rights to Uljin Ssangjeon Mine, are affiliates of CBI, a KOSDAQ-listed company. Last year, CBI acquired a 46.88% stake in GB Innovation.
Ssangjeon Mine is one of Korea's two largest producers of heavy stone, which was responsible for Korea's foreign currency in the 1950s and 1970s. Afterwards, it was closed due to China's market opening and price dumping. Last year, GB Innovation regained the mining rights and mining rights originally held by Chronimet, a German special steel company.
Ssangjeon Mine's confirmed concentrate reserves are approximately 23,000 tons (t), which is 10 times the total annual consumption in Korea. ITS, an Australian tungsten specialist, reported that reserves confirmed through additional exploration in 2019 were 3.07 million tons of ore, and could increase to tens of millions of tons if additional exploration progresses. Dignity is also 0.46%, 2.5 times the world average.
There is a large amount of tungsten deposited in Korea, but there is currently no domestic production. Tungsten is entirely imported, and in the case of tungsten oxide, the dependence on Chinese imports is as high as 80%. Another major tungsten mine, the Sangdong Mine, has currently been acquired by a foreign company.