Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held the second Korea-Mongolia Rare Metals Cooperation Joint Committee  meeting in Seoul on March 12, 2025, to strengthen bilateral cooperation on rare metals supply chains.

The Committee was held as a follow-up to the signing of a memorandum of understanding (MoU) on rare metals supply chain cooperation signed during the Mongolian Prime Minister's visit to Korea in February 2023. Deputy Minister for Energy Policy Lee Ho-hyeon led the Korean delegation, which included the Ministry of Foreign Affairs and relevant organizations. Mongolia’s State Secretary of the Ministry of Industry and Mineral Resources Javkhlanbaatar Sereeter led the Mongolian delegation, joined by the National Geological Survey and the Institute of Geology. The two sides discussed various measures for rare metals cooperation.

The Korea-Mongolia Rare Metals Cooperation Center, one of the two countries’ key rare metals cooperation projects, is expected to complete the installation of equipment and facilities by November 2025. The center will serve as a base for Korean companies seeking to enter Mongolia’s mineral development sector and help address key bottlenecks in rare metals technology development. 

The Korea Institute of Geoscience and Mineral Resources (KIGAM) and Mongolia’s Geological Center for Research and Analysis (GCRA) will jointly explore critical minerals to identify rare metal reserves in Mongolia and conduct demonstrations of Korean companies’ exploration technologies. The Korea Institute of Energy Technology Evaluation and Planning (KETEP) plans to launch an R&D project to expedite Mongolia’s tin mining development and contribute to Korea’s supply chains by applying smart mining technologies suitable for Mongolian sites and securing beneficiation technologies for a pilot plant.

Going forward, Korea and Mongolia plan to pursue full-cycle cooperation from exploration to development, focusing on commercially promising rare metals to help stabilize Korea’s supply chains and develop Mongolia’s mineral resources.