Virotec International has entered into an agreement with its strategic partner Geoenvirotec of South Korea for a licence to supply its ViroMine technology to a large-scale remediation project at the former Ulsan iron mine, 250km southeast of Seoul.
The value of the contract to Virotec is approximately $540,000 and is expected to be completed by the end of August, 2005.
Virotec will be supplying its Neutra BTM reagent, and providing technical support, know-how and advice to the project.
"The now derelict mine in the port city of Ulsan is being remediated by its owners, Hyundai Industry Development, with a view to constructing a residential apartment complex on the site," Dr Lee Fergusson, Virotec's chief operating officer, said.
Executive chairman Brian Sheeran said Virotec and Geoenvirotec had been working on developing this market for some time and this first order was seen as an important step into this potentially large market.
“We believe that this project will act as a good reference site in Korea and will assist in wider use promotion of Virotec's Technologies in the region."