South Korea's Ministry of Trade, Industry and Energy announced on the 10th that Minister Kim Jung-kwan met with Mongolia's Minister of Industry and Mineral Resources Gungur Damdinyam in Ulaanbaatar to discuss strengthening critical minerals cooperation. The meeting focused on expanding tungsten concentrate supply from Mongolia, which delivered 27 tons to South Korea last month and plans to increase shipments to 50 tons starting this month. The two countries upgraded their bilateral cooperation committee from vice-ministerial to ministerial level and agreed to develop the Rare Metals Cooperation Center into a sustainable cooperation platform beyond its current ODA project timeline ending in 2027.
Mongolia Expands Tungsten Concentrate Supply to South Korea
Mongolia completed delivery of 27 tons of tungsten concentrate to South Korea last month, marking tangible progress in bilateral mineral cooperation. The Ministry of Trade, Industry and Energy highlighted this supply as a concrete achievement in the partnership. Starting this month, Mongolia will increase shipments to 50 tons per delivery.
The two countries agreed to expand cooperation in technology, human resources, and business exchanges within the mineral resources sector, centered around the Rare Metals Cooperation Center. The focus remains on strengthening supply chain stability for critical minerals.
Korea-Mongolia Cooperation Committee Elevated to Ministerial Level
The Korea-Mongolia cooperation committee, previously operated at the vice-ministerial level, was upgraded to a ministerial-level consultative body during the meeting. This institutional enhancement reflects the growing strategic importance of mineral resource cooperation between the two nations.
Both sides committed to developing follow-up projects including joint research, human resource development, and business exchanges as the Rare Metals Cooperation Center ODA project concludes in 2027. The center will transition from a one-time project into a sustainable cooperation platform.
Minister Kim Meets Business Delegation on Mongolia Market Entry
Minister Kim met with representatives from South Korean companies and institutions accompanying the presidential visit to Mongolia, including POSCO Holdings, POSCO International, LS, Hanwha Investment & Securities, Korea Institute of Geoscience and Mineral Resources, Korea Mine Rehabilitation and Mineral Resources Corporation, and KOTRA. The delegation discussed cooperation strategies in the mineral resources sector.
Participants emphasized that challenges related to information access, logistics, and regulatory systems must be addressed as priorities for companies entering the Mongolian market. Minister Kim pledged active communication to resolve these difficulties and improve the business environment.
FAQ
What did South Korea and Mongolia agree on regarding tungsten supply?
Mongolia delivered 27 tons of tungsten concentrate to South Korea last month and will expand shipments to 50 tons starting this month. The two countries agreed to strengthen cooperation in mineral resources through the Rare Metals Cooperation Center.
Why was the Korea-Mongolia cooperation committee upgraded to ministerial level?
The committee was elevated from vice-ministerial to ministerial level to reflect the strategic importance of critical minerals cooperation between the two countries and to strengthen institutional support for supply chain stability.
