S. KOREA, MONGOLIA SIGN DEAL ON MINE RECLAMATION, ENVIRONMENT

SEOUL, Jan 25, 2010
South Korea's Mine Reclamation Corp. (MIRECO) signed an environmental protection and clean-up deal with Mongolia on Monday that could fuel bilateral business tie-ups, the state-run firm said.

The memorandum of understanding involves Mongolia's Ministry of Mineral Resources and 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.

The Mongolian government has announced a plan to inject US$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, MIRECO said.

"MIRECO enjoys world-class skills in land clean-up and water purification," company chief Lee Lee-jae said, adding this will allow the corporation and the other companies involved to resolve challenges facing the land-locked country.

Source:Yonhap News Agency of South Korea