GREY:WFEMF - Post by User
Post by
74volframon Feb 24, 2015 9:09am
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Post# 23458245
Korean News
Korean NewsKorean News from yesterday ((translation courtesy of our Korean partners and thanks to yyzflex for the links):
1. Mayor of Sangdong town said if Sangdong mine redevelopment plan is not started in June he will make important decision. He will not be called a liar anymore.
Mayor Baek said in (January) community meeting that since 2012 the redevelopment program of Sangdong mine has not progressed. in 2012 (August) he had said he would start redevelopment in second half of the year (2012), but the mining company has changed CEO 5 times up until last November. this causes many suspicions. That day he lied to people because he believed the statements of Sangdong mining company. So if development is not started by June the county will take special action. He also said he wishes to start the promised Sangdong theme park, which has languished for the past two years and aims to open it in September. also the Sangdong charcoal project. Many important people attended the meeting.
2. POSCO M-Tech is selling "city mining projects" for 2.1B Y. In negotiations to sell the Youngwol molybdenum plant likely to TaeguTec (former Korea Tungsten), price is expected to be 10B Y and sale is expected to complete in June.
My interpretation and speculations
1. The Mayor is venting his unhappiness at the fact that the mine has not started yet. He has said repeatedly the mine was going to start by now and it is clearly an important part of his plan to revitalize the area. So he is going to get his part started (theme park and other improvements). Winter Olympics are coming next door in three years and I am sure he wants to get his town ready. Woulfe is on notice to deliver on their promises, or else. But we know this time they will, right Mr. Gaucher / Mr. Goodman?
2. TaeguTec (IMC) is in the process of acquiring mineral and metal working facilities in the general Sangdong area from POSCO M-Tech. This could be start of their APT or Molybdenum off-take plant to service Sangdonf mine. In any case, it looks like TaeguTec is moving in. I am curious why yyzflex (who speaks Korean) wrote that POSCO M-Tech is building the molybdenum plant. please comment and/or correct.