Yonhap reported that South Korea's Mine Reclamation Corporation has signed an environmental protection and clean up deal with Mongolia that could fuel bilateral business tie ups.
As per report, the MoU involves Mongolia's Ministry of Mineral Resources & Energy and a consortium of South Korean construction companies operating in Mongolia and could allow Korean businesses to be involved in proposed reclamation works at the Oyu Tolgoi and Tavan Tolgoi mines.
The two regions have vast deposits of coal and large scale development projects slated to take place in the near future threaten to cause soil and water contamination that Ulan Bator wants to prevent.
MIRECO said that the Mongolian government has announced a plan to inject USD 200 into preventative and reclamation efforts from 2010 through 2015 with funds coming from the sale of natural resources. The blueprint could fuel business opportunities for companies specializing in environmental protection.
Mr Lee Lee jae chief of MIRECO said that "MIRECO enjoys world class skills in land clean up and water purification." He added that this will allow the corporation and the other companies involved to resolve challenges facing the land locked country.
(Sourced from http://www.steelguru.com/news/index/2010/01/27/MTMwMzUw/S_Korea_inks_eco_protection_and_clean_up_deal_with_Mongolia.html)
Tuesday, January 26, 2010
S Korea inks eco protection and clean up deal with Mongolia
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