| Yongwol Sangdong mine, where foreign speculative capital was the owner, has been investing close to 60 billion won over the last eight years, and the redevelopment is in a standstill condition. According to Yeongwol-gun, Sangdong Mine has been dismissed or working at home from a large number of the 50 employees of the office who are currently preparing for the mining operation, although foreign companies have poured billions of won into redevelopment. In particular, Sangdong Mine has been suspected of manipulating share prices as Dundee Capital, a Canadian mineral investment company, entered the largest shareholder in February 2013. At that time, Dundee Capital continued to announce its poor financial position and lowered the share price of Wolf Mining, a subsidiary operating Sangdong mine, and issued new shares and increased its stake. In June, Dundee Capital turned over ownership of Sangdong mine to Al Monty, a global tungsten mine specialist, in early June. "The redevelopment of Sangdong mine has been completely wronged and we have wasted a considerable amount of investment," said Luis Black, president of Almotica, which has acquired the management rights of Sangdong mine. It was the biggest failure to rely solely on the opinions of external advisors in the situation. " Dundee Capital and many other foreign companies that have acquired Sangdong Mine have been investment specialists, but they were not experts in mine development. He said, "We will invest 70 billion won in the future and develop mines by the first half of 2017," he said. "We plan to construct a concentrate facility based on the feasibility report of mine development in early November and plan to start construction in March and April next year." "Despite the slump in minerals prices including tungsten, Sangdong mine is the best mine to develop in the shortest time possible," said Warren Buffett, a major shareholder in TaeguTec. We all paid for it, "he added. Kangwon Ilbo Kim Kwang-hee reporter |