Edward Yoon, an accountant and expert in the North Korean resource development sector, writes, “The mining subsector of the DPRK’s industry accounted 8.3% of the North Korean GDP and about 15.9% of total export revenues in 2005. The minerals production sector in North Korea has, however, been struggling because of poor central planning and a lack of modern technology and equipment, as well as a shortage of electricity … Based on a study conducted by Chung, Woo Jin, exploitation of the DPRK’s mineral resources through linkages with South Korean and overseas consumer markets is likely to be the most profitable way for the DPRK to develop its minerals sector. Strong markets for the DPRK’s gold, silver, lead, iron ore, zinc, Tungsten, copper, and other metallic minerals are likely. In additions, among the DPRK’s non-metallic minerals, magnetite, flaky graphite, and limestone are valuable products.”
Read a response from Aidan Foster-Carter here.