President Moon: "If Korea and Australia Join Hands, Supply Chain Stability and Carbon Neutrality Will Be Accelerated" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in, who is on a state visit to Australia, attended the 'Korea-Australia Critical Minerals Supply Chain Meeting' during his Sydney schedule on the afternoon of the 14th, where he discussed ways to expand cooperation on critical minerals between the two countries.

The meeting was attended by Simon Kreyn, Chairman of the Korea-Australia Business Cooperation Committee (AKBC); Ian Gandel, Chairman of ASM; Steven Grocott, CEO of QPM; Joe Kadaravek, CEO of Cobalt Blue; and Tom Seymour, CEO of PwC Australia. ASM is an Australian company producing rare earth elements, QPM produces nickel and cobalt, Cobalt Blue produces cobalt, and PwC Australia is a multinational consulting firm providing consulting services on critical minerals and related fields.

In his opening remarks at the meeting, President Moon emphasized, "With countries around the world accelerating carbon neutrality in response to COVID-19, demand for new minerals is rapidly increasing," adding, "If the two countries build trust and firmly join hands, it will greatly contribute to stabilizing the global supply chain and advancing carbon neutrality."

He also stated that through mineral cooperation, "the economies of both countries, which are showing the fastest recovery among major advanced countries, will leap forward even more vigorously," and pledged to actively support the efforts of companies leading the cooperation.

President Moon said, "Through a summit meeting with Prime Minister Scott Morrison, we signed a Memorandum of Understanding (MOU) on Korea-Australia critical minerals supply chain cooperation," emphasizing, "We will cooperate across the entire resource development cycle, including exploration, development, production, and mine disaster management, and further strengthen human exchanges and technological cooperation."

[Image source=Yonhap News]

The Australian businesspeople attending the meeting mentioned that the two countries' companies have built considerable trust over a long period in the mineral resources sector and expressed hope to expand cooperation with Korean companies in the future.

Simon Kreyn, Chairman of the Korea-Australia Business Cooperation Committee, said, "From now on, let's advance our business relationship from simple trade to joint investment," and requested that Korean government officials and businesspeople visit Australia more frequently and expand industry-academia cooperation.

Ian Gandel, Chairman of ASM, expressed expectations for cooperation, stating, "We signed a business agreement via video conference with the Korea Mining and Resources Corporation regarding the development and introduction of rare earth and other critical minerals," while Steven Grocott, CEO of QPM, emphasized, "A long-term supply contract has been signed to supply about two-thirds of total production to LG and POSCO, who have equity investments in the nickel and cobalt sectors."

Joe Kadaravek, CEO of Cobalt Blue, introduced the Broken Hill cobalt mine project being developed with the participation of LX International and requested government-level support, also calling for proactive investment in critical minerals such as cobalt. Tom Seymour, CEO of PwC Australia, stressed, "Collaboration between companies of both countries is important in building the critical minerals supply chain," adding, "In that sense, this presidential visit holds very significant meaning."

After the meeting, President Moon instructed Minister of Trade, Industry and Energy Moon Seung-wook, saying, "A mechanism is needed for cooperation among governments, companies, research institutes, universities, and even financial institutions of both countries," and urged, "The Ministry of Industry should actively manage this so as not to miss the timing when cooperation between companies is increasing."

The Ministry of Trade, Industry and Energy and the Australian Department of Industry, Science, Energy and Resources agreed to further strengthen strategic cooperation in the critical minerals sector between the two countries through channels such as the 'Korea-Australia Critical Minerals Cooperation Dialogue' based on the discussions held that day.

The Blue House explained the significance of the meeting, stating, "Despite the recent strengthening of quarantine measures by the Australian government, which prevented the domestic economic delegation from accompanying the visit, our president directly engaged with local critical minerals-related businesspeople in Australia," and added, "This demonstrates the government's interest and priority in securing stable supply chains for key items such as critical minerals."

This content was produced with the assistance of AI translation services.