Reuters reported Korea Resources Corporation (KORES) has agreed to work with NunaMinerals to seek opportunities for joint minerals projects for tungsten and other metals.
As quoted in the market news:
The deal, signed during a visit to Greenland by South Korean President Lee Myung-bak on Sunday, reflects growing Asian interest in the minerals of the North Atlantic island.
Christiansen said that KORES mainly seemed interested in rare earth elements, tungsten and cobalt in Greenland.
Rare earth elements are used in a wide variety of products from phones, televisions and cars to cruise missiles. Tungsten is another metal of which China is also the dominant producer and is used in auto manufacturing and in hard metals for mining and drilling.