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China last year bought US$274.5 million worth of North Korean mineral resources. The total volume of South Korea¡¯s imports of North Korean mineral resources was $59.73 million, just one fifth of China¡¯s volume. South Korea¡¯s trade with North Korea amounted to $1.2 billion, which was not much different than China¡¯s $1.6 billion. But when it comes to North Korean minerals, China is sweeping them up. This is what¡¯s written in a report compiled by the Korea Chamber of Commerce and Industry on ways to cooperate in developing North Korean underground resources.
In recent years, China has been sweeping up major North Korean mining rights. China has so far acquired 50-year rights to Musan Iron Mine, North Korea¡¯s largest, located in Hamgyong Province, 25-year rights to Hyesan Youth Copper Mine in Yanggang Province and 50-year rights to Yongdeung Coal Mine in North Pyongan Province. China and North Korea have signed pacts to co-develop offshore oil deposits in the Yellow Sea, but specific details have yet to be revealed.
China has also secured the rights to operate two piers in North Korea¡¯s Najin port for 50 years after expanding them and constructing new facilities there. China has secured highway usage rights to transport Chinese exports from the Tumen River to Najin Port. China has also signed a deal to build two hydroelectric power plants along the Yalu River and use the electricity, while securing fishing rights in the sea off the coast of Wonsan. Stories of North Korea becoming one of China¡¯s four northeastern provinces have not come about for no reason.
North Korea¡¯s total mineral resources are valued at W2,287 trillion (US$1=W933). If we bring in from North Korea just a fourth of the minerals we need for our domestic consumption, that will reportedly be enough to last 800 years. Valuable resources that could be used to build up a Korea after unification are being sold off to China at bargain rates. For cash-strapped North Korea, this is no time to demand higher prices. It¡¯s as if we¡¯re seeing a repeat of the embarrassing incidents of the late 19th century, when we handed over rights to mine gold in Unsan, Eunsan and Jiksan, build the Kyongin, Kyongbu and Kyongui rail lines and logging rights along the Yalu River and Ulleung Island to Western powers for bargain prices.
Uncertainties posed by the North Korean nuclear dilemma as well as differences over joint economic projects exist between the two Koreas. But it is now time to come up with a national strategy to protect the common assets of our country, transcending political and ideological differences. Most of all, there must be a review of the unfair contracts that have been signed between North Korea and China.
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