Korea, Bolivia Agree to Jointly Develop Copper Mine

South Korea and Bolivia agreed to jointly develop one of the South American country's copper mines that is estimated to hold at least 15 million tons of the mineral resource, the government said Tuesday.

The Ministry of Commerce, Industry and Energy said the deal was reached in talks between Vice Minister Lee Jae-hoon and Bolivia's Minister of Mining and Metals Luis Alberto Echazu in Seoul.

It said the two sides agreed to develop the Corocoro mine 50 kilometers southwest of La Paz under the agreement that also calls for establishment of a refinery to process the copper ore.

State-run Korea Resource Corp. and its Bolivian counterpart COMIBOL signed the development contract, with the ministry expecting a local consortium, which is to be set up early next year, to form a joint company with COMIBOL.

"It will be a 50-50 joint effort with about $200 million worth of investment needed," a government official said.

South Korea has the world's second-largest copper refining facility that can process 550,000 tons of the mineral and uses 1.4 million tons of copper per year.

The Commerce and Industry Ministry also said Seoul invested $639 million in foreign mineral resources development this year, up 343 percent from $186 million in 2006.