North Korea's estimated to have $2.79 trillion worth of mineral resourcesStaff Writer | October 6, 2017
North Korea has mineral resources potentially worth some 3,200 trillion won ($2.79 trillion), whose development is dominated by Chinese firms, while South Korea is shut out due to sanctions, a report from a state agency said Sunday.
Asia KORES had invested $6.65 million
The North has signed 38 contracts with foreign companies to develop the mineral mines ranging from gold and silver to coal, of which 33 are with Chinese firms, according to the agency. The others are divided among companies from Japan, which have two contracts, France, also two, and Switzerland, which has one.
South Korea is barred from the business under sanctions imposed in 2010 as a punitive measure for the North's torpedo attack of the corvette Cheonan, which killed 46 sailors.
According to the report, South Korean firms had invested $41.95 million in North Korea's mineral development, but most of the projects have been suspended.
KORES had invested $6.65 million and retrieved $280 million, the report said. ■