China to help develop N Korean gold, iron ore mines

DHAKA: A Chinese firm has signed a deal with North Korea to jointly to develop a gold mine and two iron ore mines in the cash-strapped North, according to a website announcement seen on Thursday.

The agreement was reached by the Beijing office of North Korea’s Committee of Investment and Joint Venture, which is tasked with attracting foreign investment, and a Chinese trading company called Baoyuanhengchang.

The office said the president of the Chinese firm and other parties had conducted field inspections and confirmed plans to develop the mines, reports The Straits Times.

The website statement, dated July 27, gave no details of the terms.

‘Now facility building is already underway and everything is going as planned,’ it said.

BDST: 2040 HRS, AUG 9, 2012

Edited by Robab Rosan, Cultural Affairs Editor