SRE Minerals, a private equity firm exploring a rare earths project in North Korea, in conjunction with the Korea Natural Resources Trading Corporation, a North Korean entity, has announced the formation of a joint venture to advance rare earth deposits at Jongju, located 150 km northwest of the capital Pyongyang.
According to the press release, HDR Salva’s initial assessment indicates a potential 6 billion tonnes, including 216.2 million tonnes of total rare earth oxides comprising light rare earth elements such as lanthanum, cerium and praseodymium. Around 2.6 percent of the TREO would be heavy rare earth elements, or roughly 5.45 million tonnes.
“The Jongju target would appear to be the world’s largest known REE occurrence,” said Dr. Louis Schurmann.
Rare Earth Investing News reported in 2012 on the mineral potential of North Korea, which by some estimates is worth $6 trillion including a large number of rare earth metals. However trade with the reclusive, adversarial north Asian nation has been restricted to all nations but China, which does not currently adhere to the US and United Nations sanctions against North Korea.
So much for sanctions then. I wonder who the North Korean authorities have in mind for the unpleasant job of extracting the rare earths? From Wikipedia :-
Mining, refining, and recycling of rare earths have serious environmental consequences if not properly managed. A particular hazard is mildly radioactive slurry tailings resulting from the common occurrence of thorium and uranium in rare earth element ores. Additionally, toxic acids are required during the refining process.