Freegood Inc., a South Korean venture firm that focuses on the development of natural resources. Freegood has acquired a copper mining company Ivanhoe Mines Mongolia Inc. Copper mine site taken over by Freegood retreat located in truth, Mongolia. Copper mine has reserves estimated at 5 million tons of copper. Freegood funds disbursed about U.S. $ 24.82 million.

Professor Lee In-Seong School of Earth and Environmental Studies at Seoul National University who analyzed the Ivanhoe Mines’ report on the mine with a request from Freegood said, “Given the value of copper from a range of 0,3-0,5 per cent in the rock samples excavated from the area, cans total reserves estimated at about 58 million tons. ”

“The company has taken over the mine independently without forming a consortium. The company cannot disclose the actual acquisition price.” said CEO Oh Suk-min of Freegood.

“Since the company calculate the size of the reserve for development purpose at 10 percent of the estimated reserve, the company’s conservative estimation of the reserve is some 5 million ton. Given the current copper price is around $6,000, the value of the mine nears a minimum of 30 trillion won,” said Oh. “The region is blessed with a good environment to develop resources, and also has plenty in social overhead capital. Extra research and actual excavation in 2010 are to be determined within this year.”

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