CBI Secures Tungsten Mining Rights... "Up to 25 Million Tons Scale"

CBI announced on the 2nd that it has secured the mining rights to the second-largest tungsten mine in South Korea.

CBI recently invested 10 billion KRW in the mineral resource development company Gubo, acquiring a 46.88% stake. This company, a foreign resource development firm, acquired the mining and development rights of the Ssangjeon Mine in Uljin-gun from a foreign resource development company and completed the registration of the mining rights transfer at the Ministry of Trade, Industry and Energy's Mining Registration Office.

The rights to the two largest tungsten mines in South Korea, the Sangdong Mine in Yeongwol-gun and the Ssangjeon Mine in Uljin, were both held by foreign resource development companies. The Sangdong Mine was owned by the Canadian company Almonty, while the Ssangjeon Mine's mining and smelting rights were divided between the German company CRONIMET and the Singaporean company Critmin. This time, Gubo reclaimed all mining and extraction rights of the Ssangjeon Mine from the German company CRONIMET and the Singaporean Critmin.

According to reserve surveys conducted four times by the Korea Mining Promotion Corporation from 1973 to 1990, the estimated reserves of oxidized tungsten (WO3) at the Ssangjeon Mine are 1,297,560 tons, with a grade (content) estimated between 0.41% and 0.54%.

The Australian tungsten specialist company ITS also announced an estimated reserve of about 2 million tons by adding additional survey results. ITS further estimated that if drilling exploration is conducted on the east-west extension and lower parts, the maximum reserves could reach 25.9 million tons.

According to CBI, the international market price per ton of tungsten concentrate is about 34 million KRW. Converting this to the Ssangjeon Mine’s maximum estimated reserves of 25.9 million tons and the average grade (0.41%), the company explains that it holds a value of 3.6 trillion KRW.

A Gubo official said, "In a situation where tungsten has high added value like now, we have reclaimed a national resource," adding, "It is significant in terms of securing tungsten sovereignty, which is gaining global attention."

A CBI official explained, "The average tungsten grade of the confirmed reserves at the Ssangjeon Mine is 0.46%, about 2.4 times the Chinese average of 0.19%," and added, "Together with Gubo, we will redevelop the mine and make it a company that mines and produces the world’s best tungsten."

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