[Sejong=Asia Economy Reporter Kwon Haeyoung] The "Korea Mine Reclamation and Mining Corporation Act," which centers on the integration of the Korea Resources Corporation and the Korea Mine Reclamation Corporation, will be enforced starting this September.
The Ministry of Trade, Industry and Energy announced that after the Korea Mine Reclamation and Mining Corporation Act was passed at the National Assembly plenary session on the 26th of last month, it was submitted to and approved by the Cabinet meeting on the 2nd.
The Korea Mine Reclamation and Mining Corporation Act aims to pursue financial and functional efficiency by integrating the Resources Corporation, which has been in a state of complete capital erosion due to poor overseas resource development investments, with the Mine Reclamation Corporation.
The Ministry of Trade, Industry and Energy plans to first streamline the full-cycle mining support system functionally, including technology development, exploration, development and production, and mine reclamation, and strengthen support such as rare metal stockpiling and domestic mining financing. To ensure stable disposal of overseas assets, an Overseas Asset Management Committee will be established, and the function of direct overseas resource development investment by the Mine Reclamation and Mining Corporation will be abolished after the sale of overseas assets. Additionally, to maintain institutional stability, the statutory capital of the integrated corporation will be expanded from 2 trillion won to 3 trillion won, with the government fully funding it.
With the Korea Mine Reclamation and Mining Corporation Act approved by the Cabinet, the Ministry of Trade, Industry and Energy will immediately form a corporation establishment committee to begin preparations for the corporation's establishment. The committee will be composed of up to 15 members, chaired by the Vice Minister of the Ministry, including heads of the two organizations and private experts. The Mine Reclamation and Mining Corporation will be launched in September, six months after the law is promulgated.
An official from the Ministry of Trade, Industry and Energy stated, "We will make every effort to ensure the smooth launch of the Korea Mine Reclamation and Mining Corporation through the enactment of subordinate laws and the activities of the corporation establishment committee during the six months after the law’s promulgation."
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