Legal & Corporate Structure
The company has entered into a 25 year license, with an option to a further 25 years to mine the Jongju Deposit in the DPRK. The Jongju REE target and mining area is licensed to Pacific Century Rare Earth Minerals Limited (a BVI company). Pacific Century Rare Earth Minerals Limited (PCL) is a joint venture between Korea Natural Resources Trading Corporation (being responsible for the development of the DPRK rare earth industry) and a private equity company SRE Minerals Limited).
The DPRK is currently subject to various UN resolutions put in place to halt the development and sale of weapons. The basic premise of the UN resolutions is to prohibit the export of goods or funds to the DPRK that can be used for specific military technology and weapons. The UN resolutions are not intended to halt commercial and humanitarian development that complies with the guidelines as laid out in the resolutions. PCL have put in place strict corporate governance procedures that ensure the company is compliant with all international regulations at all times.
As well as the corporate governance best practices that the company have adopted, the company will also be appointing an independent advisory committee responsible for signing off on any transactions that could be subject to UN resolutions to further ensure total compliance.
PCL have put in place strict corporate governance procedures that ensure the company is compliant with all international regulations at all times.