LME warehouse in Kwangyang Port starts construction work

The LME (London Metal Exchange) warehouse specified by Kwangyang Port in South-Cheolla province started construction work October 8.
According to Kwangyang city, they held a ground-breaking ceremony October 8 for the LME specified warehouse with the a vice-minister of MOMAF, Yu Jeong-Seok, Congressman, Jeong Cheol-Gi, and the vice-governor of South-Cheolla province, Lim In-Cheol, were all in attendance at the hinterland Kwangyang container wharf.
Global Enterprises, Ltd. invested 12.3 billion won in this warehouse, and when the construction of the hinterland container wharf is completed by next March, it will measure 15 thousand pyoung (1 pyoung is about 3.3 sq. m), with a gross area of 6 thousand pyoung. The warehouse will be the largest single building LME in the world.
The warehouse will be equipped with a humidity adjuster, CCTV and constructed to support over 12 tons per square meter. It will be possible to load a maximum of 80 thousand tons of cargo, and handle 300 thousand tons of nonferrous metals yearly.
The LME warehouse, designated as a tariff free zone, will probably revert to the state after Global's term of usage expires in 15 or 20 years.
Global Enterprises, Ltd. plans to run a temporary LME warehouse on their CFS in Kwangyang container terminal from mid November until the new facilities are completed.
One Global director, Jeon Jong-Jae, said "The LME warehouse will let domestic enterprises deal in nonferrous metals at a lower price, while Kwangyang Port grows in importance as a central port in the Far East."