A Korean consortium has won a US$184 million contract to build facilities for the Ambatovy nickel mine in Madagascar. The consortium includes the state-run Korea Resources Corp. (KORES) and three private companies -- Keangnam Enterprises Co., Daewoo International Corp. and STX. They are already developing the mine.

The winning of the contract will likely be touted as an example of the so-called package natural resources development policy promoted by the government. The government encourages companies to win orders to develop resources in undeveloped regions in connection with building infrastructure there.

KORES said that the three companies were chosen to build mining development facilities such as warehouses and loading and transportation works.

Ambatovy is one of the world's largest nickel mines, boasting deposits of 125 million tons. The Korean consortium invested $1.6 billion to secure a 27.5 percent stake in the mine in November 2006. Of the stake, KORES owns 21 percent and the three private companies own the remaining 6.5 percent.

A consortium of Hyundai Engineering Co. and Daewoo International won a $175 million contract to build a coal-fired power plant in Madagascar in February 2007, thus Korean companies now have construction contracts worth $392 million in the African country.

KORES president Lee Han-ho said that his organization will actively pursue the development of overseas natural resources in connection with building facilities.

(englishnews@chosun.com )