A staff member arranges gold bars at the Korea Gold Exchange in central Seoul, July 1. Yonhap
The Bank of Korea (BOK) said Monday it plans to purchase domestically produced gold for the first time in 13 years through over-the-counter transactions.
The BOK said it has established a partnership with LS MnM Co., a copper smelting and refining company, the Korea Exchange (KRX) and the Korea Securities Depository (KSD).
LS MnM is one of South Korea's two major gold producers, along with Korea Zinc Co., producing gold as a byproduct of copper, brass and zinc smelting.
The two companies produce approximately 40 to 45 tons of gold annually and export about 10 percent of that amount, according to the BOK.
