Never A BAD THINGSouth Korea to more than triple 2011 minerals investment
Thecountrysaidlocal firms were expected to more than triple investmentinmineraldevelopment as they intensify their search for rare metals
Posted:Thursday,27 Jan 2011
SEOUL (Reuters) -
SouthKoreasaid on Thursday local firms were likely to morethan tripleinvestmentin developing minerals this year, as theyintensify the searchfor raremetals in regions such as Central andSouth America and Africa.
About25South Korean firms are expected to increase 2011 investmentmorethanthreefold to $7 billion in overseas mineral resources,comparedwith$2.2 billion estimated for the previous year, the ministryofknowledgeeconomy said in a statement.
Of the total, the private sector's $4.4 billion worth in spending would exceed that of the public sector.
The ministry said 39 percent of total investment would be spent on coal, as large-scale spending by POSCO (005490.KS: Quote) and KEPCO (015760.KS: Quote) continues.
Asia'sfourth-largesteconomy will also boost investment in raremetals such aslithium andrare earths, which would account for 9percent.
Thecountry seeks todouble self-sufficiency rates for "newstrategicminerals" such as rareearths and lithium, to 10 percent in2011 from5.5 percent in 2010.[ID:nL3E6NF0X1] (Reporting by Ju-min Park;Editingby Jacqueline Wong)