South Korea and Mongolia Elevate Rare Metal Cooperation Committee to Ministerial Level to Strengthen Critical Mineral Ties

South Korea and Mongolia have agreed to elevate the Korea-Mongolia Rare Metal Cooperation Committee, previously operated at the vice-ministerial level, to a ministerial-level consultative body co-chaired by ministers from both countries, with the first meeting scheduled for the second half of this year.
Kim Jeong-gwan, Minister of Trade, Industry and Energy, reached this agreement during a meeting with Gungaa Damdinnyam, Mongolian Minister of Industry and Mineral Resources, in Ulaanbaatar, Mongolia, today (July 10), coinciding with President Lee Jae-myung's state visit to Mongolia.
The two sides agreed to revise the Memorandum of Understanding (MOU) on Rare Metal Supply Chain Cooperation, signed in February 2023, to further expand the scope of supply chain cooperation during the committee meeting in the second half of the year.
Furthermore, considering that the Rare Metal Cooperation Center, which was promoted as part of Official Development Assistance (ODA) projects, is set to conclude next year, they decided to identify follow-up projects to develop the center into a sustainable cooperation platform.
The government also plans to actively support the MOUs related to critical mineral exploration, research, and investment signed between the Korea Institute of Geoscience and Mineral Resources, POSCO International, and Hanwha Investment & Securities and their Mongolian counterparts and sovereign wealth funds during this state visit.
At the ministerial meeting, Minister Kim emphasized transparent information sharing and the improvement of logistics and transportation conditions as prerequisites for revitalizing the entry of South Korean companies into Mongolia.
Minister Damdinnyam promised to provide continuous support to resolve difficulties faced by South Korean companies, noting that South Korea is a key partner for resource development and high-value-added industrialization.
Meanwhile, Minister Kim held a meeting with representatives from POSCO Holdings, POSCO International, LS, Hanwha Investment & Securities, the Korea Institute of Geoscience and Mineral Resources, the Korea Mine Rehabilitation and Mineral Resources Corporation, and KOTRA, who accompanied the state visit, to listen to their challenges and urge them to play an active role.
In addition, Minister Kim attended the opening ceremony of the first No Brand store in Mongolia, a South Korean consumer goods retail company.
He subsequently discussed plans to expand market presence with retail and consumer goods companies operating in Mongolia, including E-mart, GS Retail, and BGF Retail.
(Photo: Provided by the Ministry of Trade, Industry and Energy, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.