SK Group chairman Chey Tae-won will visit Brazil and Australia this week to speed up the group’s overseas resources development, SK officials said Sunday.

The trip follows Chey’s participation in the Energy Summit session at the World Economic Forum in Davos, Switzerland, from Jan. 26-30.

Chey will first visit Brazil to meet with Eike Batista, CEO of Brazil’s largest resources firm EBX. They will discuss diverse ways of collaboration regarding resources, officials said. 

SK Group invested $700 million to acquire a stake in MMX, a subsidiary of EBX, to secure a stable supply of iron ore in September.

Chey will look around MMX’s Sudeste coal mine, while seeking other business opportunities in the country, including involvement in government-led infrastructure construction projects.

The group has been expanding its resources development business in South America since launching a liquefied natural gas power plant in Peru in June.

Following his visit to Brazil, Chey will move to Australia, where the group has invested around $130 million to buy stakes for four local coal mines. SK currently develops 2 million tons of coal annually from the country.

The chairman will visit the country’s LNG firm Santos to talk about possible businesses such as LNG power plant construction and operation, and LNG transport. SK has been promoting LNG-related businesses as its new growth engine, officials said.

“SK’s sales from resources development has topped 1 trillion won ($870 million) last year thanks to Chairman Chey’s emphasis on these projects,” Lee Man-woo, senior vice president of the group’s brand management office, said.

“His global resources management will keep on expanding, as the group plans on injecting trillions of won on such sector in the future.”

By Koh Young-aah (youngaah@heraldcorp.com)