Bloomberg reported that Taejoo Synthesis Steel Co from South Korea is seeking deals with mining companies such as Freeport McMoRan Copper & Gold Inc and Metorex Limited operating in the Democratic Republic of Congo.

Mr Moise Katumbi governor of Congo's Katanga province said that "Taejoo Synthesis Steel Co is coming with capital to inject, with technology and cash. They are interested in dealing with the private sector directly."

Mr Katumbi met with a 31 person Taejoo Synthesis Steel Co delegation in Lubumbashi, following a cooperation agreement signed by Congo President Mr Joseph Kabila in Seoul on March 30th 2010.

Mr Gilbert Tshiongo Tshibinkubula wa Tumba Congo's minister of energy said that under the accord, South Korean companies will invest in mining, power and water projects.

Mr Katumbi said that Taejoo plans to invest in provincial copper mines in Musoshi. He added that "The South Koreans might help miners who are closed as a result of the global economic crisis."

According to the African Development Bank, falling commodity prices in 2008 forced more than 40 extractive businesses and 300,000 people out of work in Katanga province.

Mr Katumbi said that the agreement to spur investment by South Korean companies differs from a USD 6 billion deal that will see China provide Congo with infrastructure in return for minerals.

According to the US Geological Survey, the African country has a third of the world's cobalt reserves and 4% of its copper.

(Sourced from www.bloomberg.net)