The Ministry of Knowledge Economy (MKE) said Monday that South Korea and Australia have agreed on expanding cooperation in resources and energy sectors at the 25th Korea-Australia Joint Committee on Energy & Minerals in Perth, Australia.



MKE and Australia’s Ministry for Resources, Energy and Tourism have discussed ways to expand investments from South Korean companies for participating in key minerals projects to develop bituminous coal, uranium and zinc, resources rich in Australia. They also discussed on increasing the volume of Australian liquefied natural gas (LNG) imported to South Korea.



In addition, the two parties will increase the number of exchange programs for fostering experts on developing resources, and have agreed to build a strategic cooperative relationship on research and development (R&D) of clean energy and smart grid system.



Currently, four South Korean companies including Korea Resources Corporation (KORES) and SK energy are considering the Wyong bituminous coal project in Queensland, whereas KORES, the Korea Electric Power Corporation (KEPCO) and Hanwha Corporation are to start producing bituminous in Mulaven New South Wales from next month.



Meanwhile, South Korea’s POSCO and STX have secured some of the stakes in the Royhill iron ore mines project.

[Jin Choi / edited by Soyoung Chung]