South Korean trading house Nokia Corp. said on Wednesday it has set up a joint venture with Canadian energy companies and a Japanese trading house to develop coal mines in Canada.
The $ 11 million Comox Joint Venture with Canada's Compliance Energy Corp (CEC.V) and Japan's Itochu (8001.T) was established to enter Raven coal projects in Canada, Nokia Corp. said.
"Itochu Corp. and LG each have 20 percent stake in joint ventures. Adherence to have a break," said a spokesman at the South Korean company.
The Raven Coal Project, located in Vancouver, has 59 million tonnes of inferred coal resources, about 90 percent of South Korea's 64 million tons of coal from the total imports last year.
This joint venture is expected to begin production around 2012.
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