BUSAN, South Korea, June 14 (Bernama-BUSINESS WIRE) — BEP (Busan Equity Partners), a Korean asset management company, will invest in the PGMPI (Philippine General Minerals Project Inc.), a Filipino rare earth element mining company. BEP announced a plan to install facilities in a factory producing rare earth elements and nickel, etc. in addition to an additional investment in PGMPI together with a listed company in Korea.
On May 1, BEP signed a memorandum of understanding with PGMPI to develop core minerals, and finalized support measures for business cooperation with Philippine government officials. The agreement with PGMPI for establishing a joint venture in the Philippines will be wrapped up in June 2023.