Mineral Corporation Invests 95.1 Billion KRW to Enhance Productivity and Safety Facilities

Source=Korea Resources Corporation

[Asia Economy Reporter Moon Chaeseok] Korea Mineral Resources Corporation announced that it will invest 95.1 billion KRW this year to revitalize the domestic resource industry.

On the afternoon of the 21st, the Mineral Corporation plans to hold a briefing session at its headquarters auditorium in Wonju, Gangwon Province, for about 200 domestic resource industry stakeholders to share this information.

The Mineral Corporation will first establish private support programs such as facility loans and expansion of safety facilities. It will apply information and communication technology (ICT) to mines to alleviate difficulties such as aging equipment. Priority support will be given to smart mining equipment that enhances productivity.

In line with the government's job creation policy, the corporation has set a policy to give preferential treatment to companies with job creation achievements, startups, and small and medium-sized mines. Additionally, the number of national subsidy application documents will be reduced from nine to five or six.

At the briefing, the Mineral Corporation stated that it will invest 2.9 billion KRW in tunnel excavation and mine modernization projects to secure mine production, and 3.2 billion KRW in detailed surveys and mineral exploration drilling projects to confirm domestic mineral resources.

It will support 6.5 billion KRW for safety evaluations of 60 domestic mines, equipment for worker safety, and the introduction of real-time rescue systems. Legal mandatory safety education and mine disaster prevention activities will also be carried out throughout the year to reduce safety accidents to advanced country levels.

Loans worth approximately 80 billion KRW will be provided to mines, mineral processing, and stone processing companies that need capital expansion due to new projects and facility investments. The loan interest rate will be lowered by an average of 0.25 percentage points compared to last year.

Management consulting will also be provided to small and medium-sized enterprises. Employment stability projects that support part of the mutual aid funds paid by long-term industry workers will also be promoted.

Shin Hongjun, Head of the Resource Base Division at the Mineral Corporation, said, "This year is the first implementation year of the '3rd Basic Mining Plan (2020?2029)' finalized by the Ministry of Trade, Industry and Energy at the end of last year," adding, "We will improve the competitiveness of domestic mining, which is experiencing triple hardships such as inflation, strengthened regulations, and falling mineral prices."

Shin also said, "We will provide customized support reflecting the demands of companies at various stages from startup to maturity."

This content was produced with the assistance of AI translation services.