Seoul, South Korea – March 12, 2024 – The Ministry of Trade, Industry and Energy of South Korea and Mongolia have solidified their commitment to enhance cooperation in the critical area of rare metal supply chains. This agreement, formalized during the second meeting of the Korea-Mongolia Rare Metals Cooperation Joint Committee held in Seoul, marks a significant step towards securing vital resources for both nations.
Building upon a memorandum of understanding signed in February 2023, the meeting brought together key officials, including South Korea’s Deputy Minister for Energy Policy Lee Ho-hyeon and Mongolia’s State Secretary of the Ministry of Industry and Mineral Resources Sereeter Javkhlanbaatar, along with representatives from relevant agencies.
Mongolia, rich in rare metals, tin, and rare earth elements, and the world’s eighth-largest molybdenum producer, presents a strategic opportunity for South Korea. However, the vast potential of Mongolia’s mineral wealth remains largely untapped due to limited data on reserves and underdeveloped infrastructure.
To address these challenges, both countries have pledged to collaborate across the entire spectrum of mineral development, from initial exploration to full-scale production, with a focus on economically viable rare metals.
Key initiatives include:
Establishing the Korea-Mongolia Rare Metals Cooperation Center: Funded by official development assistance, this center, slated for completion by November, will serve as a hub for Korean businesses seeking to engage in Mongolian mineral development.
Joint Exploration: The Korea Institute of Geoscience and Mineral Resources and Mongolia’s Geological Center for Research and Analysis (GCRA) will conduct joint exploration to gather crucial data on rare metal deposits.
Tin Mine Development: The Korea Institute of Energy Technology Evaluation and Planning will spearhead research and development efforts to advance tin mine development, incorporating smart mining technologies suitable for Mongolian sites and securing pilot plant technologies to ensure a robust supply chain.
This strengthened partnership underscores the commitment of both South Korea and Mongolia to securing a reliable and diversified supply of essential rare metals, fostering mutual economic growth, and enhancing technological collaboration.
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