Ministry of Trade Industry and Resources

The Republic of Korea and Japan are accelerating cooperation to stabilize sustainable supply chains between producer and consumer countries, amid growing instability in the global supply chain for critical minerals. In line with these efforts, the Ministry of Trade, Industry and Resources (hereinafter ‘MOTIR’) held the ‘2nd ROK-Japan Mineral Resources Cooperation Dialogue’ with Japan's Ministry of Economy, Trade and Industry (hereinafter ‘METI') at the Lotte Hotel in Seoul on December 17.

Korea and Japan have developed similar industrial frameworks that are focused on advanced manufacturing sectors, such as semiconductors, batteries, and materials and components. Both countries are significant consumers of critical minerals and, as such, rely substantially on imports to fulfill their domestic requirements. In light of the recent segmentation of critical mineral supply chains—particularly between the United States and China—and the enhanced collaboration among producing countries, there is growing recognition of the importance of fostering international cooperation that reflects the perspectives and interests of consuming countries.

In celebration of the 60th anniversary of diplomatic relations between Korea and Japan, both countries have recognized the importance of securing global critical mineral supply chains as a pivotal area for collaboration. In this spirit, they convened the inaugural ROK-Japan Mineral Resources Cooperation Dialogue in February of this year, reaffirming their commitment to joint efforts in this essential sector. At that time, the two countries discussed comprehensive cooperation measures, including △joint procurement of critical minerals and △stockpiling cooperation, and agreed to hold this dialogue regularly. Since then, both countries have jointly responded to policy uncertainties by continuing engagements including bilateral meetings on the sidelines of multilateral conferences. This second meeting was arranged as a follow-up to review the outcomes of cooperation over the past year and to deepen collaboration further.

At this meeting, the two countries focused on discussing: △ Responding to low copper TC/RC situation, △ Strengthening cooperation within multilateral consultative bodies such as the G7 and the Mineral Security Partnership (MSP), and △ Exploring ways to initiate joint critical mineral development and production projects in third country destinations.

A particularly noteworthy aspect of the discussion was the recent rise in copper prices alongside the prevailing instability in the supply of copper concentrate. Both countries underscored the importance of strengthening their collaboration and establishing tangible measures to stabilize global copper supply while promoting sustainable co-prosperity between mining operations and smelters. MOTIR stands ready to facilitate ROK-Japan joint projects, particularly in Latin America, Asia, and Africa, where Korean companies can either expand their engagement or enter into new projects.

MOTIR aims further to enhance cooperation with Japan and other like-minded countries to establish a more stable supply chain for critical minerals. It will also actively pursue collaborative models that allow both producing and consuming countries to thrive together in the global critical minerals market.