Mayor Lee Sangho of Taebaek: "Leap Toward a Clean Energy Transition City... Committed to Creating a Vibrant City"

Taebaek City’s Economic Promotion and Development Project Passes Preliminary Feasibility Study
Clean Methanol Production Facility to Be Built on Former Jangseong Mining Site
Plans to Secure Early Government Budget Inclusion and Actively Attract

Taebaek City in Gangwon Province (Mayor Lee Sangho) announced on the 30th that the city’s most pressing issue, the Taebaek City Economic Promotion and Development Project, has officially passed the preliminary feasibility study by the Ministry of Economy and Finance as of the 20th.

Lee Sangho, mayor of Taebaek, and other city officials are taking a commemorative photo at the city hall on the 20th to celebrate the passage of the preliminary feasibility study by the Ministry of Economy and Finance for the Taebaek City economic promotion and development project. Provided by Taebaek City

On that day, Taebaek City held a project briefing session attended by the mayor, the chairman of the Taebaek City Council, and council members, where they reported on the project’s progress and plans, followed by a Q&A session.

This project has a total budget of 354 billion won and consists of the following key components: 211.2 billion won for the construction of a clean methanol production facility with an annual capacity of 22,000 tons on the former Jangseong Mining Site; 73 billion won for establishing a logistics base connecting Cheoram Station and the coal preparation plant site; 22.8 billion won for developing a core mineral industrial complex in the Sangcheoram area to attract companies specializing in strategic minerals such as nickel, lithium, and titanium; and 47 billion won for creating a residential complex for workers with about 1,000 units by utilizing the site of old company housing.

Taebaek City has continuously pursued this national-level economic promotion and development project to revitalize the local economy, which has stagnated since the early closure of the Jangseong Mining Site. After being selected as a candidate for the preliminary feasibility study in December 2023, the project underwent a KDI on-site inspection in the first half of 2024, followed by the first and second review meetings in 2025 and a comprehensive evaluation by the subcommittee. The project finally passed the preliminary feasibility study at the 8th Fiscal Project Evaluation Committee meeting of the Ministry of Economy and Finance.

To ensure the successful passage of the preliminary feasibility study, Taebaek City, with the active support of National Assemblyman Lee Cheolgyu, established an organic cooperation system with Gangwon Special Self-Governing Province, Samcheok City, and worked closely with central government ministries and related organizations.

Mayor Lee Sangho personally visited the Ministry of Trade, Industry and Energy and other relevant agencies throughout the entire process, conveying the necessity of the project and Taebaek’s future vision, and made strategic efforts to pass the preliminary feasibility study.

Meanwhile, with the passage of this preliminary feasibility study, the city expects to attract alternative industries worth over 1 trillion won, including the underground research facility for research purposes (TaebaekURL). This is anticipated to yield tangible results such as achieving the national new growth strategy goals, revitalizing the local economy, creating jobs, and alleviating population issues.

Mayor Lee Sangho stated, "This economic promotion and development project is not just about regional development, but marks a turning point for Taebaek’s return as a national industrial hub and a declaration of our leap toward becoming a clean energy transition city. The passage of the preliminary feasibility study is a valuable achievement made possible by all citizens. We will focus all administrative resources to provide stable jobs for future generations and transform Taebaek into a vibrant city where young people return."

Going forward, Taebaek City plans to work closely with the National Assembly, the Ministry of Trade, Industry and Energy, Gangwon Special Self-Governing Province, Korea Mine Reclamation and Mineral Resources Corporation, and other related organizations to secure early inclusion of the project in the government budget and actively attract private investment. In addition, the city will steadily implement follow-up procedures and strengthen communication with citizens throughout the entire process.