A memorandum of understanding (MoU) has been signed by the Minerals Council of Australia (MCA) and the Korea Mine Rehabilitation and Mineral Resources Corp (KOMIR), strengthening cooperation on exploration and development of mining resources in Australia, particularly critical minerals.
Australian mining has a global reputation as a reliable, sustainable, and responsible partner in supporting global economic development, secure supply chains, and decarbonisation, while South Korea is a leader in the manufacture of lithium batteries and magnets and is expanding its electric vehicle manufacturing.
Closer ties will generate opportunities for Australian minerals companies to supply lithium, cobalt, nickel, graphite, and rare earths.
The MoU will support greater collaboration in minerals and energy, investment, and partnerships and build on previous commitments made between the Australian government and the Republic of Korea.
KOMIR is the government agency which oversees South Korea’s national resource security and developing overseas mining and processing capacity, with one of its strategic objectives is to upgrade Korea’s access to critical and other minerals.
Republic of Korea investment in Australia has grown rapidly over the past decade, rising from $12.8 billion in 2011 to $32.7 billion in 2020.
The MCA said it was looking forward to working closely and collaboratively with KOMIR officials under the practical framework the MoU provides, to deliver trade and investment outcomes that mutually benefit Australia and the Republic of Korea.
