South Korea and Mongolia officially launched the “Korea-Mongolia Rare Metals Cooperation Committee” and the “Korea-Mongolia Rare Metals Cooperation Center Project” in Ulaanbaatar on Nov. 20. This initiative, led by South Korea’s Ministry of Foreign Affairs and Ministry of Trade, Industry and Energy, is aimed at strengthening cooperation in the rare metals sector. The committee discussed strategies to enhance the supply chain for rare metals and other critical minerals.

This collaboration follows the “Korea-Mongolia Rare Metals Supply Chain Cooperation Memorandum of Understanding” signed in February. The discussions also touched on the challenges faced by South Korean companies in Mongolia and the importance of diversifying strategies in the global critical mineral supply chain. Additionally, the meeting acknowledged Mongolia’s support for Busan’s 2030 World Expo bid.