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Strategic Partners

 

Zandkopsdrift – Korea Resources Consortium (KORES)


On December 1st 2011, Frontier Rare Earths Limited completed its first strategic partnership agreement, with KORES, to develop the Zandkopsdrift Rare Earth Project in South Africa.

 

As rare earths are critical raw materials needed to support Korea’s high technology industry and future economic growth, the Zandkopsdrift project is a strategic priority project for both KORES and Korea.  The development of Zandkopsdrift will be a critical element of KORES’ efforts to secure a long term, stable source of rare earth supply.

 

The KORES consortium includes:  Samsung, Hyundai, GS Group, Daewoo Shipbuilding & Marine Engineering (DSME) and Aju Global

 

Partnership Highlights

 

  • KORES Consortium will acquire an initial 10% interest in Zandkopsdrift on completion of the Preliminary Economic Assessment, which is currently scheduled for Q1 2012.

 

  • KORES Consortium may acquire an additional 10% interest in Zandkopsdrift and up to a 10% ownership interest in Frontier upon completion of a Definitive Feasibility Study, which is currently scheduled for completion in Q1 2013.

 

  • KORES Consortium to enter into an off-take agreement for up to 31% of production from Zandkopsdrift under a long term off-take agreement at then prevailing international market prices.

 

  • KORES Consortium to provide Frontier with financial, technical and operational assistance in relation to the development of the Zandkopsdrift project.

 

  • Frontier and the KORES Consortium to investigate the development of downstream rare earth related businesses including the production of rare earth metals, alloys and magnets.

 

 

Kores
About Kores (www.KORES.or.kr): Korea Resources Corporation (“KORES”) is wholly-owned by the Korean government and has a stated objective of becoming a global top 20 mining company by 2020 principally through international investments and joint ventures.  KORES is charged with a policy mandate to further Korea's access to strategically important mineral resources.  KORES exclusively carries out the Korean government's mineral resources policy objectives by engaging directly, or indirectly through joint ventures or in the form of investments, in overseas exploration, development and production of strategically important mineral resources, and managing Korea’s stockpile of rare mineral resources. KORES works closely with all major Korean industry groups and plays an active role in assembling consortia of Korean companies to selectively participate with KORES in commercial ventures. The Korean government has designated rare earths as a strategic raw material for Korea’s future economic growth and has undertaken considerable work to identify the most prospective sources of future rare earth supply worldwide.

 

samsung logo 
About Samsung Group (www.samsung.com): Samsung is a multinational conglomerate whose subsidiaries include Samsung Electronics (the world’s largest information technology company by revenue and the largest manufacturer of smartphones ahead of Apple), Samsung Heavy Industries (the world’s second largest shipbuilder) and Samsung Life Insurance (the world’s 14th largest insurance company). Samsung's innovative and top quality products and processes are world recognized. The Samsung Group’s interests span electronics to financial services, from chemicals and heavy industries to trade and services. In 2010 the company had turnover of over US$134 billion and generated profit before tax of approximately US$17 billion.

hyundai logo

About Hyundai Motors (www.hyundai.com): Hyundai is the world’s fourth largest car manufacturer by volume. In 2010, Hyundai Motor Company increased global sales by 16.3 per cent, selling 3.61 million vehicles, and has set the goal of reaching 3.9 million in vehicle sales in 2011 across 193 countries. Hyundai is ranked 65th amongst the world’s top 100 brands. In 2010 the company achieved revenues of over US $98 billion and operating income of US$8 billion.

 

GS Caltex logo

About GS Group (www.gs.co.kr ): GS Group is a Korean holding company focusing on oil refining and retail. Its main asset is a 50% interest in GS Caltex, Korea’s second largest refiner, which is a joint venture with Chevron Corporation. Its principal business activities consist of petroleum refining and marketing, the production of petro-chemicals and the blending of lubricant oils. The remainder of the CS Group business is focused on retail through various retail and sports related subsidiaries. In 2010 the CS Group reported revenue of over US$36 billion and an operating profit of approximately US$1 billion.

 

DSME logo
About Daewoo Shipbuilding & Marine Engineering (www.dsme.co.kr): Daewoo Shipbuilding & Marine Engineering Co. operates as a shipbuilder and offshore contractor that builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers and is the second largest shipbuilder in the world. In 2010 the Company had turnover of over US$11 billion and net income of approximately US$666 million. The Company's commercial vessels include tankers such as crude oil tankers, shuttle tankers, product tankers, and chemical carriers; LNG and LPG carriers; container carriers; roll-on roll-off carrier, chemical carrier, product tanker, and passenger ferry. Naval Ships include various products such as submarines, destroyers, submarine rescue ship, and supporting vessels. Daewoo Shipbuilding & Marine Engineering Co. is also active in the wind turbine sector.

 

aju global


About AJU Global (www.aju.co.kr ): AJU Group is a privately owned Korean business which has business activities spanning energy, resource development, construction materials, finance, tourism and leisure and real estate development. In 2010 the company reported assets of US $4.1 billion, sales of approximately US $800 million and operating profits of US $33 million.

 

For additional details please see the original news release. (click for more info)




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