NORTH KOREA TO RESURRECT GOLD MINE TO REPAY DEBT
Pyongyang and a group of Tokyo-based
North Korean businessmen plan to resurrect a North Korean
goldmine and boost annual output to almost one tonne within two
years from 600 pounds at present, said Li Sangsu, a spokesman
for <Unzan Mine Development Co>, the venture partner.
    Work will begin on April 3 and the company aims to increase
output to 10 tonnes within a decade to pay off Pyongyang's 70
billion yen debt to 30 Japanese companies, Li added.
    "We expect this mine to be worth about 2,000 billion yen in
gold deposits," he said.
    The mine, started in 1896 by a U.S. Company, is one of six
or seven virtually untapped mines in the Unzan area, 94 miles
north of Pyongyang, Li said.
    Li said modern equipment and advanced technology would
increase yields. "Up to now, the mining was done with antiquated
methods and basic equipment."
    The gold mine scheme is the latest in a series of moves by
North Korea to clear its debts to Japanese creditors.
    Earlier this year, Pyongyang tried and failed to pay off
part of its debt with several tonnes of fish.
 REUTER
