On August 22, domestic strategic mineral development company GB Innovation announced that it has established a strategic partnership with Canadian resource development firm PureTungsten and is seeking to attract an investment of $5 million (approximately 7 billion KRW).
The Ssangjeon Mine is a leading domestic mine with more than 3.1 million tons of high-grade tungsten reserves. After mining operations were suspended in the early 1980s, development had been halted for a long period. GB Innovation recently completed a 4.8-kilometer electrical power supply project, finishing preparations for production. The company plans to accelerate operations through its collaboration with PureTungsten.
In July, Charles Chebry, President of PureTungsten, and other executives visited the Ssangjeon Mine to inspect the site and discuss cooperation measures. President Chebry stated, "The Ssangjeon Mine is already ahead of competing mines at the commercialization stage," and evaluated GB Innovation as "the optimal partner for expanding the global tungsten business."
PureTungsten is a tungsten-specialized resource development company that owns the BODO Mine in Brazil, which boasts the highest grade in the world. It was established in Canada in 2022 to diversify the global supply chain, which is heavily concentrated in China. The planned $5 million investment is intended to support the expansion of production facilities and the normalization of operations at the Ssangjeon Mine.
Kim Yongwoo, CEO of GB Innovation, said, "The redevelopment of the Ssangjeon Mine is highly significant in terms of domestic resource self-sufficiency and strategic mineral security," adding, "By expanding global cooperation, we will help Korea secure the stability of its tungsten supply chain and enhance its international standing."
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