The Industrial Development Corporation (IDC) today announced a strategic co-operation in the field of mineral resources with Korea Resources Corporation (KORES), a government financed institution of the Republic of Korea. The two entities signed a Memorandum of Understanding (MOU), where the main objective is to establish a strategic alliance between the Sides and to identify and carry out cooperative activities on the African continent and the Republic of Korea.

The MOU is valid only for twelve calendar months and is not intended to be a binding contract but instead represents their commitment to realise these objectives.

IDC Chief Executive, Geoffrey Qhena said: “This is the first step in establishing and developing comprehensive long term cooperation between the two organisations. Cooperative activities will include jointly identifying and developing mineral resource projects on the African continent and the Republic of Korea on job creation. The MOU could not have come at a better time when the IDC is joining forces with the country in the drive to increase power generation and also assist the rest of Africa in the maximum exploration of mineral deposits.”

KORES CEO, Shin-Jong, KIM said: “The MOU is aimed at demonstrating our efforts in strengthening and enhancing trade and economic relations through the mining industry by developing various commodities including manganese, chromes and other mineral resources between the Republic of Korea and South Africa which is a  mining centre of Africa. The exchange of information will benefit both the IDC and KORES in joint projects origination in mineral resources in both territories.”

The IDC and KORES have agreed that the cooperation will focus on, although not limited to, joint investment in the exploration and development of mining projects in South Africa and African region and the exchange of information for strategic cooperation of such projects.