The DPRK Committee for External Economic Cooperation visited the Kookmin Bank.
Time:
2006-11-24 20:58
On November 23, Director Kim, President Zhao, President Li, and others from the North Korean Committee for External Cooperation visited the National University and were warmly received by Mayor Xu Shaoning, Vice Mayor Zhang Wei, Standing Committee Member Cong Chenting, President Xu Yongxiang of the National University Company, Director Wang Bingbo of the Foreign Economic and Trade Commission, Vice Director Wen Jianguang, and others. Both sides held talks on the joint venture for the Huishan Copper Mine project, achieving a breakthrough.
During the meeting, President Xu first gave a brief explanation of the preliminary work done by our company on the Huishan Copper Mine project and the relationship between the National University Company and Jilin Changbai Zhaoxin Mining Co., Ltd., and then engaged in in-depth discussions with the guests on four points that had not been agreed upon in the original contract. Director Kim stated that the North Korean side recognizes Changbai Zhaoxin Mining Co., Ltd., a company controlled by the National University Company, as the sole partner for the Huishan Copper Mine project, and promised that: at least 85% of the copper concentrate produced by the joint venture company will be sold to the National University, and they may even consider 100% supply of copper concentrate to the National University; the Ministry of Finance will provide guarantees before the end of this year; after consultation, it was agreed that the supplementary contract will be exchanged and communicated via fax in the near future, striving to finalize the supplementary contract before December of this year. The North Korean side also hopes that both sides will sign the contract in Pyongyang in December. At that time, they invite leaders from the Zhaoyuan Municipal Party Committee and Municipal Government to attend the signing ceremony.
This negotiation achieved a breakthrough, laying the foundation for the next step in the Huishan Copper Mine project.
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