Strengthening Rare Metal Cooperation with Mongolia, the World's 8th Largest Molybdenum Producer, Fully Launched

Korea-Mongolia Rare Metal Cooperation Committee
Discussion on Sharing Rare Metal Information and R&D Collaboration

Mongolia, estimated to have large deposits of rare earth elements and various rare metals such as molybdenum (8th largest producer in the world) and tin, is set to strengthen cooperation on rare metals in earnest.

The Ministry of Trade, Industry and Energy and the Ministry of Foreign Affairs announced that on the 20th, they held the '1st Korea-Mongolia Rare Metals Cooperation Committee' and the groundbreaking ceremony for the 'Korea-Mongolia Rare Metals Cooperation Center Project' in Ulaanbaatar, Mongolia, to actively promote cooperation in the rare metals sector with Mongolia.

According to the Ministry of Trade, Industry and Energy, the Korea-Mongolia Rare Metals Cooperation Committee was attended by Lee Ho-hyun, Director General of the Energy Policy Bureau at the Ministry of Trade, Industry and Energy, as the chief representative, along with the Director of the Energy Science Diplomacy Division at the Ministry of Foreign Affairs, and related organizations including the Korea Institute of Geoscience and Mineral Resources, Korea Mine Reclamation Corporation, Korea Institute of Energy Technology Evaluation and Planning, and Korea Institute for Advancement of Technology. These organizations discussed ways to strengthen supply chain cooperation in key minerals, including rare metals, with the Mongolian government delegation led by Zambal Ganbatar, Minister of Mining and Heavy Industry of Mongolia (co-chair).

The committee was held as a follow-up to the 'Memorandum of Understanding on Korea-Mongolia Rare Metals Supply Chain Cooperation' signed between the two countries during the Mongolian Prime Minister's visit to Korea in February this year. Both countries agreed to solidify their cooperative relationship to ensure stable procurement of rare metals and sustainable industrial competitiveness. They also shared information on the status of rare metals and major projects in Mongolia and engaged in in-depth discussions on bilateral and multilateral cooperation in the key minerals sector, including research and development (R&D) collaboration. Mongolia ranks 8th in the world in molybdenum production and has deposits of various rare metals such as tin. In particular, it is estimated to have large deposits of rare earth elements, and the Ministry of Trade, Industry and Energy expects that the cooperation between the two countries in the key minerals sector will develop further in the future.

At the groundbreaking ceremony for the Korea-Mongolia Rare Metals Cooperation Center Project, which is being promoted as an Official Development Assistance (ODA) project, Director Lee expressed in his congratulatory remarks, "Through this project, we hope Mongolia will pursue high value-added processing of rare metals, and Korea will have an opportunity to strengthen its domestic supply chain base," and requested active support and cooperation from the Mongolian government.

Following this, Director Lee held a meeting with local companies to listen to their difficulties, and the Korean government delegation, including the Ministry of Foreign Affairs, held separate consultations with the Mongolian delegation to discuss bilateral and multilateral cooperation plans, such as Korea-U.S.-Mongolia cooperation, to diversify the global key minerals supply chain.

Meanwhile, in a meeting with Minister Zambal Ganbatar held prior to the committee, Director Lee expressed gratitude for Mongolia’s support for the '2030 World Expo Busan bid' and asked for continued interest and support until the end.

(Photo)

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