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Korea Exim News

Korea Eximbank boosts cooperation with Australia in natural resources and infrastructure sectors

Date 2022.04.22 View 9616

□ The Export-Import Bank of Korea(, Chairman Bang Moon-kyu, "Korea Eximbank") has launched integrated marketing across the mineral, energy, and infrastructure sectors in Australia to ensure a stable supply chain of minerals and energy sources as well as to expand  opportunities for Korean companies to win more orders in infrastructure projects in Australia and the Indo-Pacific region.



□ Korea Eximbank Chairman Bang Moon-kyu met with executives from Santos, Australia's largest energy company, on April 8 (local time) and discussed ways to stabilize LNG supply chain amid the recent price instability and bolster a development project in the Barossa gas field.


? Santos is working with SK E&S to develop a $5.6 billion offshore gas field. Chairman Bang discussed environment concerns raised by aboriginal people and measures to resolve the issue to implement the project.



□ Earlier on April 6 (local time), Chairman Bang visited the construction site of the North East Link (NEL) tunnel in Victoria. It is the first and largest project of Korean companies entering the Australian infrastructure PPP market. He then met with Victoria's Finance Minister Tim Pallas and executives from Capella Capital, a leading Australian infrastructure business, on April 7 to 8 (local time) respectively and discussed plans to promote future infrastructure projects in Victoria and measures to expand Korean companies' participation.


 ? Victoria is implementing an infrastructure project worth a total of 100 billion Australian dollars (worth 91 trillion won) from 2021 through 2051.



□ Chairman Bang also met with a director from Hancock Prospecting, an Australian mining company to discuss a stable supply of core minerals and joint implementation of a low-carbon steelmaking project with a Korean company. Currently, Hancock Prospecting is collaborating with POSCO in the raw material processing project.


? Hancock Prospecting and POSCO are considering developing an Australian mine to secure a stable supply of high-quality iron ores and establishing a new low-carbon HBI* manufacturing plant that significantly reduces carbon dioxide emissions by using hydrogen as a reducing agent.

* HBI(Hot Briquetted Iron) : a briquetted form of direct reduced iron with oxygen removed from iron ore



□ Chairman Bang also had meetings with key officials from Australia’s state-run policy financial institutions and international commercial banks.


 ? On April 8 (local time), he met with Swati Dave, head of Export Finance Australia, to discuss joint projects in core mineral development and infrastructure in the Indo-Pacific region.


 ? In addition, he visited ANZ Bank and NAB Bank, Australian-based international commercial financial institutions. Among the topics covered were kangaroo bonds in preparation for future increases in demand for Australian dollar loans as well as co-financing opportunities.



□ Chairman Bang said, “Korea-Australia mutual cooperative opportunities are expanding from Australia’s increase in resource development based on abundant minerals and energy resources and technological development on carbon capture, utilization and storage to combat climate change, and rise in demand for infrastructure projects in the Indo-Pacific region.“ He continued, ”Korea Eximbank will continue to reach out to Australia to increase financing opportunities to provide a stable supply of minerals and energy resources for Korea, develop new climate change projects, and diversify overseas project markets.“