Korean Geologist Discovered Diamond Deposits
By Shim Jae-yun, Staff Reporter, The Korea Times 03-18-2008 16:03
A Korean geologist has recently discovered massive diamond deposits in Cameroon, central Africa. The discovery draws particular attention as the reserves in the areas of Mobilong and Limokoali are presumed to reach 736 million carats, equivalent to five times the world's annual total diamond production.
Kim Won-sa, 55, professor at Chungnam University, embarked on the exploration from January last year at the request of C&K Mining, a joint-venture firm between Korea and Cameroon. Kim reported the exploration result to the Cameroon government last month, which pledged full cooperation for the project.
Kim plans to meet with Cameroonian President Paul Biya early next month to discuss ways of promoting mines development in the African nation. He will also focus on means to expedite resources exchanges and cooperation between the two countries.
Kim and the C&K Mining also held a briefing session at the Intercontinental Hotel, Monday, with some 200 experts, officials and businesspeople attending. Cameroon's Minister of Industry, Mines and Technological Development Badel Ndanga Ndinga was also present along with a group of Cameroonian officials.
The minister expressed hope that the diamond mines development will facilitate efforts to alleviate poverty in the African nation while promoting economic exchange between Korea and Cameroon.
``With open arms we welcome Korean companies investing Cameroon,'' he said. He said Korean companies will have many business chances as the African nation is replete with natural resources like crude oil, natural gas, steel, uranium and wood, as well as diamonds.
The possible advancement of Korean companies into Cameroon is also expected to help promote the Korean government's pursuit of ``resources diplomacy.'' The Cameroonian minister visited with Minister of Knowledge and Economy Lee Youn-ho yesterday to discuss ways of speeding up bilateral trade and investment relations.
Kim said the production will begin from 2009 in full swing with the annual exploration of 6,000,000 carats and with the effect of generating 4,000 jobs in Cameroon.
C&K plans to bring in rough diamonds into Korea for cutting to meet domestic demands. ``We will also be able to export diamonds and expect promotion of domestic jewelry markets to a great extent,'' he told The Korea Times.
Kim has engaged in brisk research and exploration activities including his discovery of titanium deposits in Hadong, South Gyeongsang Province in 1997. He was cited as one of the ``Outstanding Scientists of 20th Century'' by the International Biographical Center, Cambridge, United Kingdom, and has already been named for the 21st Century group.
jsyshim@koreatimes.co.kr
Cameroon: CFA 500 billion for Cameroon's Diamond
L.P.N., Cameroon Tribune 25 February 2008
Korea's CNK Mining Co begins exploitation in Mobilong and Limokoali as from 2009.
The little localities of Mobilong and Limokoali near Yokadouma in the East province will henceforth make news in Cameroon following the confirmation of the existence of significant diamond reserve in the area by the Korean mining company, CNK Mining Co.
The delegation of the company, headed by its president general, Deuk-Gyun Oh, had a working session last Saturday, with the Minister of Industries, Mines and Technological Development, Badel Ndanga Ndinga during which they made a presentation of diamond potentials in south east Cameroon.
"From the previous geological and prospecting activities, huge diamond deposits were discovered in the Mobilong and Limokoali area", Deuk-Gyun Oh, said in their report. "Diamond having been derived from primary source rock, Kimberlite pipe, occurs mostly in conglomerate of Precambrian age. So, conglomerate will be our first target for diamond mining", he said. Geologists of the CNK Mining Co will equally try to find kimberlite pipes presently hidden by overlying Precambrian meta-sedimentary rocks, he said.
Saturday's meeting was essentially aimed at understanding how feasible it was to exploit the diamond and how far the Koreans have gone in the project. "In March last year, a report was submitted to the Ministry of Industries, Mines and Technological Development on the results of the feasibility studies", Deuk-Gyun Oh. On the basis of this, CNK Mining Co was authorized to proceed with the prospecting and exploitation investigation which constitutes the first phase of the operation. This phase ends in 2009 the same year that exploitation is expected to begin.
"The estimated diamond reserve in the area would be 736,000,000 cts and the CNK Mining Co has plans to invest 500 billion CFA Francs for the next 25 years", Deuk-Gyun Oh Said. The company, he said, will hire 4,000 people as company members.
Minister Ndanga Ndinga was particularly satisfied and promised government support to the company.
POLITICS
ECONOMICS/FINANCE
SOCIETY
ENTERTAINMENT
WOMEN
CONTACT US
Diamonds may be a girl's best friend, but for Korea, the brilliant rocks may possibly be its hot new domestic product. Earlier this year, Kim Won-sa, 55, a geology professor at Chungnam University, successfully discovered diamond deposits with his Korea-Cameroon joint research team in Mobilong, Cameroon. About 150 carats of diamond roughs have been recovered so far since January, with the largest rough stone weighing 1.20 carats. The diamonds vary in colour from colourless, yellow and pink to green. An estimated reserve of some 10,000 carats remains to be mined in the Mobilong area alone.
Hitting the jackpot in the central West African country was no fluke for Kim. The professor deliberately launched the two-week excavation in Mobilong because he hypothesized diamond storage rocks existed there - the area is located at Cameroon's eastern border with the Central African Republic and shares a very similar geological context with its diamond-producing neighbour.
An internationally renowned scientist, Kim had located a huge titanium deposit in Hadong, South Kyongsang Province in 1997 and a serpentine jade deposit in Puyo, South Chungchong Province the following year. He also discovered five new synthetic compounds of platinum and palladium. In 2001, he was named one of the ``2,000 Outstanding Scientists of the 20th Century'' by the International Biographical Center, Cambridge, U.K., and again selected this year as part of the 21st Century group.
``If diamonds are successfully mass produced in Cameroon, they will be brought into Korea, not only to be manufactured and supply domestic demands, but for export as well. We can expect this to greatly contribute to the economy and save foreign currency,'' said Kim. ``Or if diamond roughs are brought into the country, Korea will manufacture the stones and share 20 percent of the earnings with the Cameroonian government.''
The mining is currently conducted by C&K Mining, a joint enterprise by Korea's C&C Mining, which holds 80 percent of the share, and Cameroon's KAMPA, which holds 20 percent. Last year, the company established a contract with the Cameroonian government to carry out a geological survey of Mobilong, and discovered diamond reserves at the bottom of the Mobilong River. C&K also produces placer gold.
Professor Kim Won-sa, third from right, poses with local workers at the mining site in Mobilong, Cameroon, where they discovered diamonds in January. Kim recently revisited the mining site and was in high spirits because greater quantities of diamonds were unearthed. The mining project will expand to nearby sites Nonpeda and Totobi, where diamond reserves are likely to be found. Cameroonian government officials plan to visit Korea at the end of May. A graduate of Seoul National University and Carleton University in Ottawa, Canada, Kim is currently a visiting scholar at the University of Cambridge. He is also president of the Gemmological Association of Korea and vice president of the Mineralogical Society of Korea.
By Lee Hyo-won
Staff Reporter, Korean Times, 14 Apr 2007, 1:32 AM
Koko Enterprise Co Ltd acquires a minority stake in C&K Mining Inc
SOUTH AFRICA ? Koko Enterprise Co Ltd of South Korea acquired a ##% stake in C&K Mining Inc, a Cameroon- based gold and diamond mining company, for ##.### mil South African rands (#.# bil Korean won/$#.###…
Publisher
Thomson M&A Mar 06 2009
Koko Enterprise Company, Ltd.
67-6 Yangjae-dong, Seocho-gu
Seoul
South Korea
Tel: 82/2 571-9550
URL: http://www.kokoent.com/
©2003 The African Independent, Inc. All rights to republication are reserved.
