U.S. firm enters N. Korea for 1st time

A U.S. firm has made inroads into North Korea for the first time, according to the Financial Times.

The paper reported that Aurora, a mining product export company, has agreed with North Korea to export North Korean magnesium to overseas markets through White Gold Mountain, a venture firm formed with South Korean magnesium companies.

Such an entry into North Korea by a U.S. company was made possible in line with softened U.S. policy toward North Korea. Aurora will offer capital, technology and marketing, while North Korea will handle production of magnesium.

Initially, the venture will produce 200,000 tons of magnesium and export to the United States and Asian countries. Bill Wary, president of the company, said that it would serve as making the United States a business partner of North Korea by exporting the nation`s good-quality minerals to foreign countries.

It was reported that North Korea is the world`s second largest producer of magnesium after China and that it is capable of annually producing 1 million tons of the metal.