South Korean firm backs B.C. mining co. in search of copper and gold
Serengeti Resources, a B.C. -based mining company, is working with Daewoo Minerals Canada Corp. (DMC),to explore opportunities in developing a copper and gold mine in the province’s Central Interior region. This new partnership further strengthens B.C.’s reputation as an international supplier of choice for minerals and resources.
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Daewoo Minerals Canada Corp. (DMC), a wholly owned Canadian subsidiary of Posco Daewoo Corp. and one of South Korea’s leading trading corporations, has invested $1.2 million CAD in Serengeti Resources Inc.’s Kwanika copper-gold project located in north-central British Columbia. This initial investment of gives DMC a 5% interest in the project, with an option to increase its stake over the next two years by electing to spend an additional $7.0 million CAD to earn an additional 30% interest..
British Columbia’s trade and investment team played a key role in the agreement by helping to arrange meetings between Serengeti Resources and DMC, and by providing relevant information on the project. Serengeti also participated in several Ministry of International Trade-led delegations to key mining trade shows and events such as, the BC Mining Forum in Vancouver and the Prospectors and Developers Association of Canada’s annual conference.
With the initial funding from DMC, Serengeti is working on a revised mine optimization and financial study for the project. “This transaction is a game changer for Serengeti, enabling renewed activity on our principal project,” said David W. Moore, Serengeti’s President and CEO.
British Columbia is rich in natural resources and has 150 years of solid mining history. The province is internationally recognized as a centre of expertise in mining, metallurgy, environmental engineering, mine safety, and geoscience. British Columbia is also home to the world’s largest concentration of exploration companies and mining professionals, with more than 800 mining and mineral firms.
To learn more about companies in British Columbia’s thriving mining sector, contact one of our International Trade and Investment Representatives.