It is reported that Daewoo International Corp Korea leading trading company is making fast progress in resources development in Australia.

The trading firm shipped 75,000 tons of coal extracted from Narrabri, 600 kilometers northeast of Sydney to Japan on Thursday. It was the first time Daewoo International had sold mineral products from a foreign mine it had invested in.

Daewoo International, in partnership with the state-run Korea Resources Corp currently holds a 7.5% stake in Narrabri coal mine operated by an Australian mining company Whitehaven Ltd.

Mr Jeong Jebong chief representative of Daewoo International Sydney branch said “Daewoo International has been trading mineral and energy resources so far. But this case shows that the company has started to generate new revenue from investments in resource development and exploration.”

He said that “Despite widespread market scare in 2008, Daewoo bravely jumped into the bid and is expected to reap profits larger than expected in the near future.”

He added that the trading firm’s Sydney office will expand its resource development business. It currently is involved in three mining projects including Narrabri but will increase the number of development projects to 15 by 2020.

Mr Kim Ki-ho an executive from Daewoo International’s Seoul office said “There is no rival to beat China on the bidding tables for resource development projects. Led by strong state-firm and overflowing cash, China has swept all over.”

He said that “The government needs to step up for private companies by setting up consortium together and open doors for firms to do business easily in foreign territories by using diplomatic ties.”

Daewoo International is a Seoul-based company specialized in the provision of trade services. The company operates its business mainly through three divisions, trade, manufacture and department store. The trade business division is involved in the international trading of steel products, metals, machinery, chemical products, automobile components, electronics, textiles, apparels, steel raw materials, non-ferrous metals and others.

(Sourced from www.koreaherald.com)