□ On June 29 in Panama City, Korea Eximbank entered into a Cooperation Agreement for the Panama Cobre Copper Mine Joint Development Project with Canadian resource developer Inmet, Korea Export Insurance Corporation (KEIC), and a consortium comprised of Korea Resources Corporation (KORES) and LS-Nikko Copper Inc.


○ Inmet holds a 100% stake in the Cobre copper mine, and the Korean consortium (KORES & LS-Nikko Copper Inc.) has an option to purchase a 20% stake in the mine.

□ The Cooperation Agreement covers details about financial support from Korea Eximbank and KEIC as well as information sharing and mutual cooperation among resource developers and financial institutions for the Project.

□ The Cobre copper mine is the largest copper mine in Panama with deposits of approximately 2.1 billion tons. The Korean consortium plans to produce and import 51,000 tons of copper per year for 30 years starting from 2015.

○ Copper is a strategic mineral which Korea must import.
Korea imported a total of 1 million tons of copper in 2009 alone.

□ "The Panama Cobre copper project was greatly aided by the agreement.
The agreement will contribute to the stable procurement of copper," stated an official from Korea Eximbank.

□ On June 28 at Panama City, Dongsoo Kim, the chairman of Korea Eximbank, signed a US$23 million EDCF loan agreement for the Vocational Training Center Project pursued by the Nicaraguan government and the Minister of Finance, Alberto Jose Guevara Obregon.

□ The Vocational Training Center Project aims to renovate 9 vocational training centers located throughout Nicaragua, provide educational materials and equipment, and improve the curriculum and teachers.