Korean Explorers’ $10m Stake
Fiji’s only seabed mineral exploration company is expected to pick up on the project from next year with a budget of an estimated US$10 million (FJ$22 million), SunBiz has learnt.
Wednesday 14 December 2022 | 16:01
Officials at the Korea Institute of Ocean Science and Technology (KIOST) test an unmanned submersible probe it developed in this file photo. Photo: The Korean Times
Fiji’s only seabed mineral exploration company is expected to pick up on the project from next year with a budget of an estimated US$10 million (FJ$22 million), SunBiz has learnt.
The development comes after a standstill on exploration carried out over the years by Korea Institute of Ocean Science and Technology (KIOST).
The institute’s exploration efforts - which has been ongoing since 2016 - was put on hold on the back of the economic impact of COVID-19.
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The delay dragged on for “scientific reasons,” SunBiz was told.
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Story by: frederica.elbourne@fijisun.com.fj
