The Ministry of Trade, Industry and Energy on March 12 in Seoul held the second meeting of the Korea-Mongolia Rare Metals Cooperation Joint Committee. Shown is a scene from the first talks on Nov. 20, 2023, at the Mongolian Ministry of Foreign Affairs in Ulaanbaatar. (Ministry of Trade, Industry and Energy)
By Aisylu Akhmetzianova
The Ministry of Trade, Industry and Energy has agreed to reinforce cooperation with Mongolia in supply chains for rare metals.
The ministry announced this on March 12 after hosting the second meeting of the Korea-Mongolia Rare Metals Cooperation Joint Committee in Seoul.
These talks were a follow-up measure under a memorandum of understanding signed in February 2023 by both sides on supply chains for rare metals.
The Korean side comprised Deputy Minister for Energy Policy Lee Ho-hyeon, the Ministry of Foreign Affairs and related organizations. Mongolia was represented by State Secretary of the Ministry of Industry and Mineral Resources Sereeter Javkhlanbaatar, National Geological Survey, and Geological Center for Research and Analysis (GCRA).
Mongolia has rich reserves of rare metals as well as tin and rare earth elements, being the world’s eighth-largest producer of molybdenum, but most are in unexplored areas. Korean companies are not active in pursuing this sector because of lack of specific data on reserves and inadequate infrastructure such as transportation.
Seoul and Ulaanbaatar thus pledged to pursue cooperation in the full cycle from mineral exploration to development, focusing on rare metals with high economic feasibility.
Their plan is to install by November equipment and materials for the Korea-Mongolia Rare Metals Cooperation Center (funded by official development assistance) for use as a base for Korean businesses to advance to mineral development in Mongolia.
In addition, both sides will also conduct joint exploration for key minerals through cooperation between the Korea Institute of Geoscience and Mineral Resources and GCRA to obtain data on rare metal deposits in Mongolia.
The Korea Institute of Energy Technology Evaluation and Planning is expected to stimulate tin mine development and secure Korean supply chains in Mongolia by implementing a research and development project to verify technology for developing tin ore, applying smart mining suitable for Mongolian sites and securing technologies for pilot plants.
aisylu@korea.kr
