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Daewoo International Plans for Expansion in Africa
02/13/2012 - Daewoo International is accelerating its mineral development efforts in resource-rich Africa, including plans to launch trial production this year at a nickel mine in Ambatovy, Madagascar, and to expand its focus on developing a network across a number of countries in Central Africa.
Daewoo International has recently accelerated its mineral development efforts in the naturally resource-rich Africa. This year, the company is planning to launch trial production at a nickel mine in Ambatovy, Madagascar, and to expand its focus on developing a network across Cameroon, the Democratic Republic of Congo, Ethiopia and other countries in Central Africa.
In utilizing its aggressive and differentiated localization strategy, Daewoo International is determined to build a success story in Africa.
Daewoo International set up its first African branch in Lagos, Nigeria, in 1975, getting an early start making inroads into what was then unchartered territory for the company. Since then, the company has built ten bases to support its operations on the continent. Since last year, new branches have opened in DPR Congo and Cameroon.
The company also plans to establish a mineral resource division in South Africa this year. The nickel mine in Madagascar, in which the company holds a 4% stake, is slated for trial production this year. The market forecasts annual revenues of 20 billion won ($19 million) from the mine. Known as one of the world’s top three nickel-producing regions, Madagascar holds nickel reserves of 125 million tonnes. For nickel and cobalt, annual production is 60,000 and 5,600 tonnes, respectively.
Daewoo International also holds a 100% stake in a tin mine in Cameroon that is currently in the exploration phase. Korea currently imports 16,000 tonnes of the mineral every year.
The company is also pursuing mineral resource development in DPR Congo and Ethiopia, signing an MOU in July last year with Congo’s state-owned mining corporation to develop copper mines. Posco also is currently making efforts in Ethiopia to forge an MOU with the country’s state-owned mining company, Korea Resources Corp.
In utilizing its aggressive and differentiated localization strategy, Daewoo International is determined to build a success story in Africa.
Daewoo International set up its first African branch in Lagos, Nigeria, in 1975, getting an early start making inroads into what was then unchartered territory for the company. Since then, the company has built ten bases to support its operations on the continent. Since last year, new branches have opened in DPR Congo and Cameroon.
The company also plans to establish a mineral resource division in South Africa this year. The nickel mine in Madagascar, in which the company holds a 4% stake, is slated for trial production this year. The market forecasts annual revenues of 20 billion won ($19 million) from the mine. Known as one of the world’s top three nickel-producing regions, Madagascar holds nickel reserves of 125 million tonnes. For nickel and cobalt, annual production is 60,000 and 5,600 tonnes, respectively.
Daewoo International also holds a 100% stake in a tin mine in Cameroon that is currently in the exploration phase. Korea currently imports 16,000 tonnes of the mineral every year.
The company is also pursuing mineral resource development in DPR Congo and Ethiopia, signing an MOU in July last year with Congo’s state-owned mining corporation to develop copper mines. Posco also is currently making efforts in Ethiopia to forge an MOU with the country’s state-owned mining company, Korea Resources Corp.
