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The Cordova Daily Times
Cordova, Alaska
What is this article about?
Revised Korean mining ordinance promulgated recently, effective April 1, bans new mining concessions for foreigners and foreign entities not recognized by Japanese law, while protecting existing ones. Adds tungsten and ten other minerals to controlled list, totaling 28.
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SEOUL, Feb. 14. - Foreigners and foreign judicial persons will henceforth not be allowed to take out mining concessions in Korea. That is the broad significance of the revised mining ordinance for Korea which was promulgated a few days ago, and which will come into force on April 1. The new regulations possess great interest for foreign business interests. Although a detailed translation of the ordinance is not yet available, a summary by officials indicates that an exception to the general rule mentioned above will be made in favor of such foreign judicial persons as are recognized by the law in Japan. It is explained also that the new regulations will not affect those foreigners or foreign companies actually in possession of mining concessions, and they are at perfect liberty to transfer their rights to other foreigners. The mining concessions secured by foreigners by arrangement with the former Korean government will also hold good after the enforcement of the revised regulations. Tungsten and ten other minerals have been added to the list of mines which will come under the control of the new ordinances, the total of such minerals being increased to twenty-eight.
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Foreign News Details
Primary Location
Korea
Event Date
Promulgated A Few Days Ago, Come Into Force On April 1
Outcome
bans new mining concessions for foreigners except those recognized by japanese law; protects existing concessions and transfers; adds tungsten and ten other minerals to controlled list, totaling twenty-eight.
Event Details
Revised mining ordinance promulgated a few days ago in Korea, effective April 1, prohibits foreigners and foreign judicial persons from obtaining new mining concessions, with exception for those recognized by Japanese law. Existing concessions unaffected and transferable; those from former Korean government remain valid. Tungsten and ten other minerals added to controlled mines, increasing total to twenty-eight.