Despite international sanctions, which banned companies from North Korea to cooperate with entrepreneurs in other countries, one of the corporations of the DPRK has together with Chinese state-owned company business for the extraction of minerals, recognized by The Wall Street Journal
Chinese state electrical Corporation Limac Corporation and the North Korean Ryonbong General Corporation, specializing in the production and export of metals and minerals, have a joint venture that worked to bypass international sanctions imposed in 2009 by the United Nations (UN) because of the nuclear program of Pyongyang. About it writes The Wall Street Journal, citing corporate and government archives.
According to the newspaper, both companies in 2008 concluded a bilateral agreement to establish a joint venture for the production of tantalum, niobium, zirconium and other minerals, which are used in the manufacture of small and medium electronics, such as phones and computers, as well as the construction of nuclear reactors and missiles.
Prior to this, almost a decade of cooperation, stresses the newspaper, was not known. The existence of such cooperation between the two countries shows that North Korea, despite all imposed on her, the restrictive measures were able to find a way to bypass the sanctions and begin business cooperation with China.
Specific field of activity and the current state of the enterprise Ryonbong General Corporation and Limac Corporation is unclear, the publication, since the joint company of the two countries was registered in the DPRK, access to corporate documentation no. The connection of corporations were able to establish through the firm Sayari Analytics, which is engaged in financial intelligence works in the banking sector and customers of the American government.
The Chinese company Limac Corporation in an interview said that the company “never developed commercial activities on an ongoing basis,” she Limac since 2009, tried to disband the company.
The US imposed sanctions against Ryonbong General Corporation in 2005, due to the fact that the company was associated with the creation of weapons of mass destruction, four years later, in 2009, to the limitations acceded to all UN member States.
Currently against Pyongyang there are several packages of sanctions imposed by international organizations and individual States due to the fact that the government is developing missile and nuclear programs, often conducts ballistic missile tests.