GB Innovation, which is promoting the reopening of the Uljin Ssangjeon Mine, announced on the 16th that the establishment of a series of equipment and facilities for tungsten production, including mining and ore dressing, is being actively carried out. Trial production is expected to be possible as early as August.
GB Innovation, which holds the mining rights for the Uljin Ssangjeon Mine, is an affiliate of CBI, a KOSDAQ-listed company. Last year, CBI acquired 46.88% of GB Innovation's shares.
The Ssangjeon Mine was one of the two major domestic production sites of wolframite that contributed to South Korea's foreign currency earnings in the 1950s to 1970s. It was later suspended due to China's market opening and price dumping. GB Innovation reclaimed the mining and extraction rights last year, which were originally held by the German special steel company Cronimet.
The confirmed ore reserves of the Ssangjeon Mine are approximately 23,000 tons, which is ten times the total annual domestic consumption. Australian tungsten specialist ITS reported that the reserves confirmed through additional exploration in 2019 amount to 3.07 million tons of raw ore. They stated that with further exploration, the reserves could reach up to tens of millions of tons. The grade is also 0.46%, which is 2.5 times the world average.
Although a large amount of tungsten is deposited domestically, there is currently no domestic production. All tungsten is imported. For tungsten oxide, dependence on imports from China is as high as 80%. Another major tungsten mine, the Sangdong Mine, is currently owned by a foreign company.
GB Innovation plans to revitalize the local community and economy through the redevelopment of the Ssangjeon Mine. Approximately 100 personnel are required for the redevelopment and operation of the Ssangjeon Mine.
Once the value chain for intermediate tungsten products is established, additional affiliated companies will be founded, and the ripple effect is expected to increase further. The company plans to implement employment policies for this purpose. These policies will apply not only to employment but also to partner companies, equipment, and raw materials.
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