OVERSEAS RESOURCES DEVELOPMENT BUSINESS ACT

Article 1(Purpose) #

The purpose of this Act is to contribute to the development of the national economy and enhancement of overseas economic cooperation by means of promoting the development of overseas resources and thereby securing the resources on a long-term and stable basis.

[This Article Wholly Amended on Apr. 14, 2011]

Article 2(Definitions) #

The terms used in this Act are defined as follows: <Amended on Jul. 14, 2011>

1. The term "nationals of the Republic of Korea" means natural persons possessing the citizenship of the Republic of Korea or corporations incorporated under any Acts of the Republic of Korea; provided, among corporations for which a foreigner under subparagraph 2 has a majority amount of equity capital or a majority of voting rights, any corporation prescribed by Presidential Decree under a foreigner's de facto control shall be deemed a foreigner;

2. The term "foreigners" means natural persons with foreign nationality, corporations incorporated under any Acts of any foreign country, and foreign governments;

3. The term "overseas resources" means overseas mineral resources prescribed by Presidential Decree;

4. The term "development of overseas resources" means developing (including research for the development and business incidental to the development; hereinafter the same shall apply) overseas resources by method referred to in Article 3;

5. The term "overseas resources developers" means persons who have filed a report on a plan for overseas resources development business in accordance with Article 5.

[This Article Wholly Amended on Apr. 14, 2011]

Article 3(Methods of developing overseas resources) #

Any overseas resources shall be developed by any of the following methods, as prescribed by Presidential Decree:

1. Nationals of the Republic of Korea develop overseas resources independently or jointly with foreigners (including cases of development through local legal entities overseas);