The nation will develop an iron ore mine in North Korea for the first time.

According to an official of the Korea Resources Corporation Wednesday, the body will form a joint venture with China's Heilongjiang Province Nationality Economic Development Company and begin production from May at North Korea’s Deokhyun Mine located in the northeastern province of North Pyungan.

The South Korean state-run firm plans to produce around 140-thousand tons of iron ore over the next three years and sell it in the South or in China.

Deokhyun Mine is estimated to have iron ore deposits of some one-hundred million tons.