S. Korea, Mongolia sign MOU on rare metals supply

SEOUL, Feb. 15 (Yonhap) -- South Korea and Mongolia agreed Wednesday to enhance cooperation on supply chains of tin, nickel and other rare metals, Seoul's industry ministry said.

Second Vice Industry Minister Park Il-jun and his Mongolian counterpart, Ganbaatar Jambal, signed a memorandum of understanding in Seoul, which calls for the establishment of a bilateral committee on rare metal cooperation to push for joint projects on the resources exploration, technology cooperation and personnel and information exchanges, according to the Ministry of Trade, Industry and Energy.

The ministerial-level committee will be set up within this year involving experts and officials from their governments and related institutions and will hold a regular annual meeting for discussions, it added.

South Korea has been working to deepen cooperation with resources-rich nations to ensure stable supplies of key minerals amid heated global competition and supply chain issues.

Mongolia is rich in various rare metals, such as molybdenum and nickel. It is also presumed to have rare earth, but its development and exploration have been limited due to the lack of technology and infrastructure, according to officials.

"South Korea has advanced technologies in mining and refining those minerals, and the bilateral cooperation is expected to benefit both sides," the ministry said in a release.

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