On the 15th, Korea Mine Reclamation Corporation to Launch... Overseas Business Management Unit Established Separately to Promote Overseas Asset Sales

Ministry of Industry Holds Industrial Complex Establishment Committee Meeting

Mineral Resources Corporation building to be used by Korea Mine Reclamation Corporation. (File photo)

[Asia Economy Reporter Joo Sang-don] The Korea Mine Reclamation Corporation, established by integrating the Korea Resources Corporation and the Korea Mine Reclamation Corporation, will be launched on the 15th.

On the 2nd, the Ministry of Trade, Industry and Energy held the 7th Corporation Establishment Committee meeting at the Coal Hall and handed over the major matters resolved by the committee to Hwang Gyu-yeon, the newly appointed president of the Korea Mine Reclamation Corporation (hereinafter referred to as the new corporation).

The Corporation Establishment Committee held a total of 11 meetings and 8 executive recommendation committee meetings over six months since its first meeting on April 1st to deliberate and resolve matters related to the establishment of the new corporation.

First, to integrate overlapping functions and stabilize the organization, the business structure will be reorganized to improve efficiency by about 20% compared to the existing Korea Mine Reclamation Corporation and Korea Resources Corporation organizations. The two domestic and overseas headquarters of the Korea Resources Corporation will be integrated into one Resources Headquarters, while the roles of the Mine Reclamation Headquarters and regional headquarters will be expanded. Additionally, an Overseas Business Management Team will be separately established to promote stable overseas asset sales.

All personnel of the new corporation, except for the Overseas Business Management Team, will be assigned to the Korea Resources Corporation building. The Korea Mine Reclamation Corporation building will be used for revenue-generating purposes such as leasing remaining space and housing the Overseas Business Management Team to enhance financial soundness.

Park Jin-gyu, Vice Minister of Industry and Chair of the Corporation Establishment Committee, said, "Although it was a short period of six months, through cooperation between the two organizations and efficient operation of the committee, the new corporation will be launched on the date the law is enforced." He added, "During the remaining period, I hope that under the leadership of the newly appointed president, the new corporation will successfully complete its preparations, serve as a turning point for innovation in the domestic mine reclamation and mineral resources industry, and contribute to regional economic revitalization and the security of critical mineral supply chains."

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