PTI reported that North Korea, known for its rare metals and globally demanded for household electric appliances and industrial machinery, is curbing their exports and tightening grip on such precious resources.

A source well versed in Chinese and North Korean affairs said that North Korea is initiating such measures as Chinese enterprises, which are trying to secure natural resources are going to exterminate them root and branch.

At an international conference held in Yanjiin in October, Director of the Economy Institute at the North Korean Academy of Social Sciences Mr Kim Chol Jun had revealed that his country is restricting exports of unprocessed resources. He added that "Mineral resources are exported at high prices by processing them. Exports of cheap unprocessed goods are a loss to the state."

South Korea's Unification Ministry estimates that underground mineral resources in North Korea are valued at about JPY 540 and the amount of deposits of magnetite used to trim the weight of automobile parts is the world's largest at 3 billion tonnes to 4 billion tonnes. In addition to iron ore, North Korea is said to be rich in such rare metals as molybdenum and rare earth.

(Sourced from PTI)