POSCO INTERNATIONAL is adding to its upstream business interests by investing in the exploration, development, and production of sources of bituminous coal, copper, and other minerals. The strategy enables it to gain a stable source of revenue, grow our trading volume via off-take agreements, and increase the potential for synergy effects within the trading division. It is presently participating in a copper development project in Kwanika, near Fort St. James, British Columbia, Canada, as well as others for the production of bituminous coalin Narrabri, Australia and copper in Wetar, Indonesia.
POSCO INTERNATIONAL established a consortium with Korea Resources Corporation as part of our efforts to lay the groundwork for a bituminous coal business. The consortium then participated in the bidding for a bituminous coal development project in the town of Narrabri, New South Wales, Australia, in August 2009. Underground mining began in June 2010, followed by long-wall mining and test operations in June 2012 and commercial production the following October. The operation will enable the company to produce coal for power generation and bituminous and pulverized coal for iron-making until the year 2033. It is also securing additional profits by trading offtake of bituminous coals from the mine.
Participation : September 2009
(Production started in December 2012)
- Equity : 5.0%
- Acreage : 53㎢
Parties : WHITEHAVEN(Operator), YUDEAN, J-POWER, Korea Resources Corporation(KORES)