North Korea's foreign currency earnings would be cut drastically if the United Nations adopts sanctions on the country's mineral exports, the South Korean government said Friday.

The United States and China have agreed on a package of new sanctions against Pyongyang for its fourth nuclear test on Jan. 6 and long-range missile test on Feb. 7.

The reclusive country is banned from such tests under previous U.N. resolutions that seek to counter North Korea's development and proliferation of weapons of mass destruction.

The suggested sanctions include bans on North Korea's exports of mineral resources like coal, iron, and rare earth minerals as well as imports of aviation and rocket fuel supplies to the country.

If the resolution is adopted, "it will cause considerable disturbance to (North Korea's) foreign currency earnings," Unification Ministry spokesman Jeong Joon-hee said in a regular briefing.

"North Korea's exports of mineral resources to the outside is known to account for 40 percent of its total export earnings," Jeong noted.

The spokesman added that South Korea will start discussing the country's follow-up measures after the U.N. finalizes its resolution. (Yonhap)