On Feb. 25, 2003, MIRECO established Mungyeong Leisure Town, Inc., designed to create a leisure town with golf courses and condominiums in the abandoned mine area close to Mungyeong Saeje Provincial Park in Mungyeong, North Gyeongsang Province.

Mungyeong Leisure Town Inc. was inaugurated in a joint venture among MIRECO, Mungyeong Municipal Government and private companies in accordance with the municipal government's suggestion to meet demands from the residents of the closed mining areas for support of substitute industries. Construction of Mungyeong Leisure Town began in 2004 with opening scheduled for 2006. The town is expected to become the catalyst for tourists, contributing to creating jobs and raising residents' income.

Surrounded by pristine tourism resources, Kangwon Land accommodates such leisure facilities as golf courses, ski resorts and theme parks. The resort is to evolve into an integrated family resort complex in association with tourism projects under development in neighboring areas. MIRECO, the largest shareholder of Kangwon Land, is making efforts to supervise the management of the resort. Our corporation is contributing the proceeds accruing from the operation of the resort to projects designed to promote industries in the closed mining areas and the welfare of miners and neighboring residents.