Concerns Over Suspension of Mine Closure Area Development... Gangwon-do to Disburse 'Mine Closure Fund of 91.2 Billion Won'

"Decline in Kangwon Land Operations... Securing Next Year's Mine Closure Fund Expected to Be Difficult"

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province announced on the 20th that it has allocated 91.2 billion KRW, excluding the province's common share of 15.9 billion KRW, out of the 107 billion KRW under-collected mining fund from 2017 to 2019 collected from Kangwon Land, to the seven mining area cities and counties.

Last month, the province won an appeal in the case of 'Partial Revocation of the Suspension of Execution of the Order to Collect Under-Collected Mining Fund,' which means it will not have to return the previously collected 107 billion KRW under-collected amount, allowing the fund to be distributed to the mining areas as project expenses this year.

Since last year, due to the impact of COVID-19 and the deterioration of Kangwon Land's business, the mining fund became '0 KRW,' raising concerns that various development projects underway in the mining areas might be halted.

With the COVID-19 situation continuing and the mining fund for next year also expected to be difficult to secure, the province plans to manage the fund efficiently to ensure that the development of the mining areas is not disrupted.

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