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Korea and Mongolia discuss measures to strengthen rare metals cooperation 2023-09-13

Trade, Industry and Energy Vice Minister Kang Kyungsung met with Mongolia’s Mining and Heavy Industry Minister Jambal Ganbaatar on September 12 in Seoul to discuss measures for strengthening Korea-Mongolia cooperation in rare metals.

Mongolia is a resource-rich home to molybdenum, pewter and other various rare metals, with a notably large reserve of rare earth minerals.

As follow-up to the memorandum of understanding (MOU) signed in February between Korea’s Ministry of Trade, Industry and Energy and Mongolia’s Ministry of Mining and Heavy Industry for cooperation in rare metals supply chain on the occasion of the Mongolian Prime Minister’s visit to Korea, the two countries agreed to hold the first Korea-Mongolia Rare Metals Cooperation Committee Meeting this coming November, where members will discuss official development assistance (ODA) projects for rare metals.

Vice Minister Kang also requested the Mongolian government’s support and cooperation for smooth implementation of the Korea-Mongolia Rare Metals Cooperation Center establishment ODA project, through which both sides can mutually benefit, as Mongolia can add value to its rare metals and Korea can bolster the domestic supply chain.