North Korea is notorious for its totalitarian regime and human rights violations. Fewer people may realize the secretive country is also sitting on trillions in untapped wealth.
Embedded deep beneath the country’s mountainous zones are some 200 varietiesof minerals, including gold, iron, copper, zinc, magnesite, limestone, tungsten, and graphite, Quartz reports.
Some of these stockpiles are among the largest in the world, and North Korea, a tiny and cash-strapped nation, frequently uses them to bring in additional revenue — no matter the laws against doing so.
The total value of these minerals lies somewhere between $6 trillion and $10 trillion.
But the country is too poor to create the infrastructure needed to export the minerals — at least in large enough quantities to make a dent in its overall wealth. Still reliant on China, South Korea, and Russia for its financial and energy needs, North Korea has only made small deals with neighboring countries.
Lloyd Vasey, founder of the Center for Strategic and International Studies think tank, noted recently that North Korea’s mining production has fallen by roughly 30% since the 1990s.
“There is a shortage of mining equipment,” Vasey wrote, “and North Korea is unable to purchase new equipment due to its dire economic situation, the energy shortage, and the age and generally poor condition of the power grid.”
In 2014, Russia mapped out the construction of a rail linewithin North Korean borders. Though it ultimately fell through, the plan was to entice North Korea with workable infrastructure in exchange for use of its mineral stockpile.Read more...
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