South Korea, Mongolia to Expand Cooperation on Rare Earths, Critical Minerals for Peace

South Korea and Mongolia have pledged to deepen their partnership in critical minerals and rare earths, a move that could significantly bolster global supply chains. During a state visit to Ulaanbaatar, South Korean President Lee Jae Myung and Mongolian President Ukhnaa Khurelsukh agreed to pursue a comprehensive economic partnership, targeting US$1 billion in bilateral trade by 2030.

“

We will expand cooperation in the economy, trade and investment, as well as strengthen cooperation in supply chains and the critical mineral sector.

Mongolia, possessing vast mineral wealth including copper, lithium, and rare earths, is positioned as a key player in the global resource market, ranking second only to China in rare earth reserves. President Lee highlighted the potential for "significant synergy" by combining Mongolia's resources with South Korea's technological and financial capabilities. The leaders expressed hope that their cooperation, potentially through a dedicated rare metals committee, would create a successful model for supply chain collaboration.

“

If Mongolia, a country with abundant critical mineral resources such as copper, molybdenum, tungsten, and rare earth elements, cooperates with Korea, a country with advanced technology, capital, and logistics, we will be able to achieve significant synergy in the supply chain sector.

Beyond economic ties, the two nations committed to fostering peace and stability on the Korean Peninsula and in Northeast Asia. President Lee briefed President Khurelsukh on South Korea's peace initiatives, receiving strong agreement from the Mongolian leader. Given Mongolia's historical ties with North Korea, its support could be instrumental in resuming dialogue.

“

We hope that we can create a successful example of supply chain cooperation through the rare metals committee currently operated by the governments of both countries.

The summit, the first presidential visit from South Korea in 15 years, resulted in a joint declaration aiming to usher in a "golden age" for bilateral relations, supported by 21 memorandums of understanding across various sectors, including science and technology.

“

We informed Khurelsukh of our administration’s plan for peace and cooperation on the Korean Peninsula, and the Mongolian president strongly agreed on the importance of peace and stability on the Korean Peninsula and in Northeast Asia.