November 15, 2023 Chungju Daehwa Mine – Project Progress Update
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Korea Molybdenum Co., Ltd. has decided to take on a new mining project based on our operational experience at the Yeongdeok Plant. We conducted an assessment of ore reserves and grade at the Daehwa Mine located in Neungam-ri, Angseong-myeon, Chungju City, and on August 2, 2023, we officially acquired the mining rights for Daehwa Mine registered as Mokgye 126.
The Daehwa Mine had been mined several decades ago; however, due to the technological limitations of that time, extraction was limited to level drifts, preventing any large-scale development.
It is estimated that approximately 200,000 tons of minable molybdenum ore remains at the site, with an ore grade of about 2%, placing it among the highest-grade molybdenum mines in Korea. Additionally, mining lots Mokgye 125 and Mokgye 135—which are only accessible via the Daehwa Mine—are expected to contain similar reserve volumes and ore grades. We have therefore promptly filed exploration rights applications for these areas and are preparing to secure exclusive mining rights.
Previous mining right holders regarded the mining concession itself merely as a financial asset and performed only minimal development to avoid mine closure, resulting in insufficient surrounding development. However, since acquiring the mining rights, we have made significant progress over the past three months, including:
- Construction and improvement of mine access roads and surrounding areas - Installation of KEPCO electrical substation facilities - Acquisition of required permits from Chungju National Forest Management Office, the landowner - Timber clearing for equipment staging and development sites - Obtaining explosives permits and constructing a powder magazine for underground blasting - Construction of worker accommodations, dining, and rest facilities - Underground tunnel rehabilitation and surrounding site improvementThese development efforts are ongoing.
