[Iclickart]
SEOUL -- A joint venture established by LG International and Korea Resources Corp. (KORES) has agreed to sell a 7.95 percent stake to Rosemont Copper, an open pit copper mine project in Arizona, to its Canadian developer, Hudbay Minerals, for $100 million.
KORES, a state company involved in the exploration and development of mineral properties, and LG International have shared the joint venture for its investment in Rosemont Copper, a new open pit copper mine project pursued by Hudbay Minerals. It is in a permitting review process.
With its capital impaired due to excessive investment in unprofitable projects, KORES is selling off overseas assets under a phased restructuring scheme.
reporter
Lim Chang-won
cwlim34@ajunews.com
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