POSCO Engineering said Wednesday it has won a $30 million contract to build a precious metals extraction plant in Chile, the first export order of its kind secured by a South Korean builder.

The deal was obtained from Planta Recuperadora de Metales SpA., a joint company set up between South Korea’s LS-Nikko Copper Inc. and the world’s leading copper manufacturer CODELCO of Chile.

LS-Nikko owns a 66 percent stake in the venture, with 34 percent being held by its Chilean partner.

The factory will be built on 100,000 square meters of land in the Mejillones region of the South American country with POSCO Engineering to design, construct and operate the factory.

Once completed in June 2016, the factory will be able to extract some 5 tons of gold, 540 tons of silver and 200 tons of selenium, which is used in the making of solar cells.

POSCO Engineering said CODELCO will supply the “slime,” deposits containing precious metals produced during the metal refining process. (Yonhap)