S. Korea, Australia agree to expand resource development cooperation

SEOUL, March 4 (Yonhap) -- South Korea and Australia agreed Wednesday to expand cooperation in the development of mineral and energy resources, the government said.

The Ministry of Knowledge Economy said two separate memorandums of understanding
(MOUs) were signed as South Korean President Lee Myung-bak kicked off his visit
to Australia the same day. Lee is set to hold a summit the next day with
Australian Prime Minister Kevin Rudd in Canberra.
The MOU between the state-run Korea Resources Corp. (KORES) and the Australian
Trade Commission (Austrade) calls for joint efforts to expand cooperation and
information on mineral resources investment, the ministry said.
The MOU also outlines possible tie-ups in the development of clean energy
resources, a key policy goal of the Lee administration.
The Korea Gas Corp.-Woodside Energy Ltd. MOU touches on mutual efforts to explore
and develop natural gas.
Woodside is already engaged in a US$20 million venture with Korea National Oil
Corp. to seek gas and oil in the East Sea.
In addition to the two deals, the ministry in charge of the country's industrial
and energy policies said KORES, Hanwha Corp. and Sun Metal Corp. held a gathering
to formally launch a joint company to develop Australia's zinc and copper
resources.
yonngong@yna.co.kr
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