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Korea and Canada sign Critical Minerals Supply Chain Cooperation MOUs 2022-09-26

Trade, Industry and Energy Minister Lee Chang-yang attended the business MOU signing ceremony for ROK-Canada Critical Minerals Supply Chain Cooperation held on September 22 in Toronto to discuss the importance of expanding the scope of bilateral critical minerals cooperation and joint response against global supply chain crises.

A total of four MOUs were signed, including three MOUs between Korea’s LG Energy Solution and three Canadian companies (Avalon, Electra, Snow Lake) on cooperation for supply and processing of critical minerals, such as lithium and cobalt. The remaining MOU is one between Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) and Canada’s Department of Natural Resources on data exchange and technological development cooperation on critical minerals.

Through these deals, LG Energy Solution will be able to tap into Canada’s stable supply stream of critical minerals for manufacturing secondary batteries in North America, and KOMIR will be able to provide better support to private sectors with data on Canada’s mining investment.

Accordingly, the MOUs enable Korean companies to establish supply chains across North America spanning from materials and parts to finished products for secondary batteries and EVs in their response against global supply chain crises and U.S.’ Inflation Reduction Act (IRA).

Canada’s Premier of Manitoba Heather Stefanson and Ontario Mines Minister George Pirie agreed that bilateral cooperation between the two countries is key to boosting the global supply chain resiliency and expressed their commitment on behalf of the Canadian government to support Korean companies’ investments in Canada.

Minister Lee emphasized that the combination of Korea’s global competitiveness in secondary batteries and Canada’s abundance in critical minerals create the optimal partner synergy for both sides, and assessed that this MOU signing is the needed momentum for the two countries’ investment, trade and countermeasure to global supply chain uncertainties.

He added that the Ministry will actively engage in bilateral business cooperation by establishing a communication channel focused on critical minerals with the Canadian government.