While international sanctions and its own lack of resources have hindered the development of the hermit kingdom’s energy and resource sector, it can expect plenty of help from its friends should the barriers to extraction be removed.
Report: North Korean coal port showing activity amid sanctions
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North Korea’s coal mines may have been flooded in 2020, causing a suspension in shipping activity, according to a recent press report. File Photo by KCNA/EPA
March 9 (UPI) A North Korean port that serves as a hub for the regime s coal exports is showing signs of activity for the first time since August, according to a recent press report.
North Korea is banned from exporting coal. The United Nations Security Council in August 2017 passed Resolution 2371, which prohibited all North Korean exports of coal, iron, lead and seafood.
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The costs of extraction are high, and international sanctions would stop Pyongyang from selling them anyway.
Key point: North Korea could be loaded. However, without the enough financing and the right tools and expertise, it cannot use its resources or try to (illegally) sell them.
Who needs rockets when you have $10 trillion in resource riches? That is one estimate of the value of North Korea’s mineral wealth, enough to make any miner drool.
While international sanctions and its own lack of resources have hindered the development of the hermit kingdom’s energy and resource sector, it can expect plenty of help from its friends should the barriers to extraction be removed.