A Korean mining company says it will invest USD$32 million in Fiji over the next six years if it is granted a licence to explore sea floor massive sulphide (SMS) by the Fiji government.
The Fiji Times reports that the Korea Ocean Research and Development Institute (KORDI) believes it will be granted a license very soon. It’s Senior Scientist told the Fiji Korea Business Forum and Catalog Exhibition this week that while mining of SMS is expensive, the deposits are of a higher grade and a very small area could rake in billions of dollars.
Meanwhile the Forum has heard that Korea’s hopes to increase its exports to Fiji after a slight decline in value.
Fiji Live reports Korea’s exports to Fiji in 2008 peaked at USD$30m and declined to USD$18m in 2009 and in 2010. K