Paraguay to Provide Land for ‘Golden Goose’ Mining Project

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive

Paraguay’s vice president has declared support for the “Golden Goose” project, which will see South Korea’s Blockchain Technology Foundation build five mining centers on state land. The foundation also plans to conduct what it describes as an “initial exchange offering” to facilitate investor participation in the project.

South Korean Group to Build Mining Centers

The Blockchain Technology Foundation, also known as the Commons Foundation, has entered into an agreement with Paraguay to construct what it claims will be a large mining hub. It said the government has provided five 10,000-square-meter plots of land to host five planned mining centers. The land is in close proximity to the massive Itaipu hydroelectric power plant.

A 15-year contract ensuring stable electricity pricing from the power plant has been included, as has the installation of requisite high-speed internet infrastructure and tax concessions. Choi Yong-Kwan, chairman of the Commons Foundation, claimed that only 10 to 20 percent of the electricity produced by the Itaipu dam is actually consumed in Paraguay. “We will build the world’s largest mining center in Paraguay using low-cost and abundant clean energy,” Choi claimed.

© 2018 All Rights Reserved.