Korea Eximbank announced on October 25 that it will provide USD 500 million to SK Networks Corp. to support the SK's takeover of Brazilian iron ore mining company shares.

SK Network Corp. is in an ongoing deal to acquire a 15% stake in MMX, Brazil's largest iron ore miner, in order to participate in Brazil's iron ore development projects and secure long-term rights for procurement.

Korea Eximbank agreed to provide USD 500 million or 71% of the total amount for share acquisition.
* MMX Corp. is iron ore miner with three mines in Brazil and one mine in Chile. It is the seventh biggest company in the industry nationwide.
** On September 30th in Seoul, MMX Corp. and SK Networks Corp. signed an agreement for share acquisition.

Through the project, Korea will be able to secure 9 million tons of iron ore, which is 21% of the imported amount in 2009, for 30 years beginning 2010.

In addition, Korea's iron ore self-sufficiency rate is expected to sharply increase from 14.2% to 35.6% in 2011.
※ In 2009, Korea was the world's third biggest iron ore importer following China and Japan (imported iron ore in 2009 totaled 42,079 thousand tons) and relies on imports for 99% all iron consumed.

An official of Korea Eximbank stated, "In order to secure a stable supply of major resources and enhance Korea's iron ore self-sufficiency, Korea Eximbank plans to expand financial assistance for overseas resource development projects through M&A and stake investment which are actively pursued by Korean enterprises."