CEO of Freegood, a Resources Development Company in Korea, Argues Copper is ‘Alternative of Fossil Fuel’
In the wake of transmitting urgent news on the deadly earthquake in Chile occurred on February 27, foreign presses reported in haste that international price of copper will surge at the news that two large copper mines run by Codelco, a state enterprise of Chile, will suspend their operations.
Prices of most raw materials are surging since October 2008, and that of copper rose about 160% over the lowest price point, in particular. As the most intimate and important metal resource for mankind since the Bronze Age, copper is used in wide areas such as wires, electronic products, buildings and kitchen appliances.
CEO Oh Seok-min of Freegood, a leading resources development company in Korea, argued that copper will play the role of an ‘alternative material of oil’ and ‘copper will become the dominant metal in the future. Freegood is currently developing copper mines in Undur Javkhlant, Mongolia, and it was selected by the Ministry of Knowledge Economy of Korea in 2010 as a recipient of government subsidies for development of overseas resources.
CEO Oh makes this assertion based on the advent of the so-called ‘2.0-generation automobile’, the electric automobile.
Key factors of commercializing electric automobiles are ‘battery’ and ‘motor’. Battery is better known to us as a ‘rechargeable battery’, and it accounts for major portion of the price of electric cars. So technologies of lowering the price and extending usage life of rechargeable battery attract keen attention in car electronics as core prerequisites for commercializing such vehicles.
CEO Oh Seok-min of Freegood stressed, “While the rechargeable battery plays the role of a fuel tank, expansion of the electric automobile industry will trigger unimaginably enormous ripple effect in copper market since copper is a major material of electric motor, the engine of such vehicle.”
In addition, he said, “Fundamental paradigm of power is expected to change as basic technology and engineering for generating power will transfer from mechanical engineering to electric engineering because electric automobiles generate power through a motor consisting of mass of copper coils and rare earth permanent magnet, whereas conventional cars generate power through an internal combustion engine using fossil fuels such as gasoline and diesel extracted from crude oil.”
Namely, he predicted that, in the forthcoming electric car era, engines of all machines that generated power using fossil fuels such as ships, airplanes, tanks, and mechanical equipment as well as automobiles will be replaced by electric motors.
In the era of electric organ, engines will be replaced by electric motors, and copper is used for electric motors as major material as well as for a large number of other related equipment such as electric chargers.
CEO Oh Seok-min argued, “It is logical to say that copper will be an ‘alternative of oil’ as electricity will replace oil in the electric car era and copper is essential for generating electric power that replaces oil. In the forthcoming age of electric automobile, successful development of a country or a company depends on how to steadily secure such important copper for low prices.”
About Freegood: Established in 2007 as an overseas resources development company in Korea, Freegood is exploring and developing copper and gold mines in South Gobi region of Mongolia. Freegood was selected as one of members of the 9th Korea-Mongolia Resources Cooperation Committee in 2009 and as a recipient of government subsidies for development of overseas resources in 2010 by the Ministry of Knowledge Economy of Korea.
Website: http://www.freegoods.co.kr
프리굿 개요
(주)프리굿은 몽골 운드루나란 구리,금 프로젝트를 하는 해외자원 개발업체이다.
웹사이트: http://www.freegoods.co.kr
연락처
Pak Yeong-gyu
Executive Director of Freegood,
+82-2-556-2117