Embedded deep beneath the country's mountainous zones are some 200 varieties of minerals, including gold, iron, copper, zinc, magnesite, limestone, tungsten, and graphite, Quartz reports.
Some of these stockpiles are among the largest in the world, and North Korea, a tiny and cash-strapped nation, frequently uses them to bring in additional revenue โ no matter the laws against doing so.
The total value of these minerals lies somewhere between $6 trillion and $10 trillion.
But the country is too poor to create the infrastructure needed to export the minerals โ at least in large enough quantities to make a dent in its overall wealth. Still reliant on China, South Korea, and Russia for its financial and energy needs, North Korea has only made small deals with neighboring countries.
Comment: Right, if only North Korea could create the infrastructure, countries would be lining up to do business with them... Guess that's all there is to it! Nothing to do with the fact that the West has dictated to the world that NK be considered a pariah nation. Oh, and sanctions probably don't have anything to do with it either...
Lloyd Vasey, founder of the Center for Strategic and International Studies think tank, noted recently that North Korea's mining production has fallen by roughly 30% since the 1990s.
"There is a shortage of mining equipment," Vasey wrote, "and North Korea is unable to purchase new equipment due to its dire economic situation, the energy shortage, and the age and generally poor condition of the power grid."
In 2014, Russia mapped out the construction of a rail line within North Korean borders. Though it ultimately fell through, the plan was to entice North Korea with workable infrastructure in exchange for use of its mineral stockpile.
North Korea has repeatedly tried to capitalize on its mineral abundance despite United Nations sanctions, according to Quartz. In August 2016, Egyptian officials seized more than 2,300 tons of iron ore from a North Korean cargo ship headed to the Suez Canal.
The large quantity of iron along with 30,000 accompanying rocket-propelled grenades marked the largest ammunition seizure in the history of sanctions against North Korea, according to a UN report published in February. The capture "showed the country's use of concealment techniques, as well as an emerging nexus between entities trading in arms and mineral," the report said.
In that regard, North Korea continues to face a catch-22 with its mineral stockpile. The country is too poor to use the deposits itself, but too volatile in its leadership to gain the trust of international bodies that may permit the minerals' export.
Comment: Ahh, now you mention it. Talk about burying the lede!
The deposits will continue to sit underground, unused and untapped, until surrounding countries figure out a way to make workable partnerships.
Reader Comments
"The country is too poor to use the deposits itself, but too volatile in its leadership to gain the trust of international bodies that may permit the minerals' export ."
Is obvious propaganda coming from actors keen on access to those resources on terms the owner will never accept.
This story low balls the importance of the minerals found in North Korea, Kim knows this all too well. The goodies found there are sought by a vast number of consumer goods producers, the price Kim is selling is not what they are willing to pay, It's pretty easy to see the need to work for war in light of a sovereign power standing up for his land and it's values. America knew the resource value of the whole area before the first attempt to war into the drivers seat there. The BS in the media, on so many topics relating to North Korea can tell a smart person the exact path the controllers of the USA have in mind. Russia Knows. China Knows. Even India Knows.
One step too far, One can see the willingness to cross the line the American faction has, They are clearly being told to do whatever it takes to gain this base of resources, The men who covet North Korea's resources don't care about damages and conflict done to the average American, don't care about the millions and millions dead on both sides. They want you dead anyway.
Greed. Plain and simple. Protecting ones self from a greedy foe is a path Kim and North Korea understand very well.
Maybe it's a set pattern of propaganda?
Korea was formally tributary to China and adopted the policies of that country. One of those policies was to not mine the land unless there was a need. It infuriated the west when we tried to make China submit to our policies in 19th century. There was a fortune in gold and silver in the west which we desperately wanted but they never agreed. It appears that North Korea maintains its ancient policy in respect of its mineral wealth.