Daewoo International, the trading arm of POSCO, South Korea’s top steelmaker, has purchased a 24.1 percent stake in an Indonesian copper mine, the company said Friday.
“With the first deal in natural resources, the company will expand the business portfolio in energy sector,” the company said in a press release.
The trading company signed the deal for 46 billion won ($45 million) with Australian mining company Finders Resources, which owns and runs the mine on Indonesia’s southwestern Wetar Island.
Together with the stake investments, Daewoo International also signed a long-term deal to purchase 20 percent of the copper production.
The stakeholders of the Indonesian copper mine plan to expand output capacity to 25,000 tons annually by the end of next year, up from the current 3,000 tons, it said.
(jyseo@heraldcorp.com)
