South Korea and Mongolia have agreed to enhance bilateral cooperation in the supply chain of rare metals and other critical minerals, as both nations seek to leverage Mongolia’s vast resources while stabilizing Korea’s industrial supply network.
The two countries convened the second round of rare metal cooperation committee meetings in Seoul, advancing discussions that began with an agreement between their prime ministers in 2023. The initiative aims to support Mongolia’s resource development while securing a steady supply of rare metals for South Korea’s industries.
Strategic Resource Development and Joint Exploration
Mongolia holds significant reserves of rare earth elements and other critical minerals, making it a key partner in resource diversification. The country is also the eighth-largest global producer of molybdenum, an essential component in steel alloy production.
As part of the agreement, Korea and Mongolia will establish a joint cooperation center on rare metals, with infrastructure and equipment set to be fully operational by November.
Additionally, geoscience research institutes from both nations are preparing to launch a joint exploration project aimed at discovering critical minerals in Mongolia. The collaboration also includes the development of a tin mine, further solidifying Mongolia’s role as a strategic supplier of essential materials.
By deepening their partnership, Korea and Mongolia are positioning themselves to strengthen resource security, foster technological cooperation, and drive sustainable mineral development in the region.
