South Korea and Mongolia have agreed to bolster bilateral cooperation in the supply chain of rare metals and other critical minerals, Seoul's industry ministry said Wednesday.
The two sides held the second round of rare metal cooperation committee meetings in Seoul earlier in the day as a follow-up measure to the agreement on rare metals supply cooperation reached between their prime ministers in 2023, according to the Ministry of Trade, Industry and Energy.
The cooperation will help Mongolia develop its mineral resources, while allowing South Korea to stabilize its supply chain, the ministry explained.
Mongolia has various rare metal reserves, including rare earth elements. It is the world's eighth-largest producer of molybdenum, a key metal used to make steel alloy.
By November, the two countries will complete installing necessary equipment and infrastructure for the operation of their joint cooperation center on rare metals.
South Korea and Mongolia's geoscience research institutes plan to launch a joint exploration project to find critical minerals in Mongolia and develop a tin mine in the central Asian country, according to the ministry. (Yonhap)

Published Date:2025-03-12