1. The Ministry of Foreign Affairs (MOFA) and the Ministry of Trade, Industry and Energy (MOTIE) held the first Korea-Mongolia Rare Metal Cooperation Joint Committee (hereinafter referred to as the “Committee”) meeting and the inauguration ceremony for the Korea-Mongolia Rare Metal Cooperation Center Project on November 20 in Ulaanbaatar, Mongolia, to promote cooperation in this field with Mongolia.

2. The Committee is headed by MOTIE’s Deputy Minister for Energy Policy Lee Ho-hyeon and Mongolian Minister of Mining and Heavy Industry Jambal Ganbaatar. The Korean delegation to the Committee included officials of MOFA, MOTIE, Korea Mine Rehabilitation and Mineral Resources Corp.(KOMIR), Korea Institute of Geoscience and Mineral Resources (KIGAM), Korea Institute of Energy Technology Evaluation and Planning (KETEP), and Korea Institute for Advanced Technology (KIAT), which discussed with its Mongolian counterpart measures for bolstering cooperation in supply chains of rare metals and other critical minerals.

3. The meeting was a follow-up to the signing of the memorandum of understanding (MOU) for cooperation on rare metals supply chain forged during the Mongolian Prime Minister's visit to Korea last February. Both countries agreed to strengthen their cooperation for a stable supply of rare metals and sustainable industrial competitiveness. They discussed rare metals and updates on major projects underway in Mongolia, and also engaged in in-depth talks over bilateral and multilateral cooperation in critical minerals as well as research and development (R&D).

4. Mongolia is home to various rare metals, including molybdenum (the world's 8th largest producer) and tin, and is believed to have significant deposits of rare earth elements, indicating potential for future Korea-Mongolia collaboration in critical minerals.

5. Deputy Minister Lee, in his speech at the inauguration ceremony for the Korea-Mongolia Rare Metal Cooperation Center Project as part of an official development assistance (ODA) initiative, expressed hope that the project would assist Mongolia in achieving high-value enhancement of its rare metals and help Korea strengthen its domestic supply chains. He went on to ask for the Mongolian government’s active support and cooperation on this project.

6. Deputy Minister Lee also attended a meeting with Korean companies operating in the Mongolian market to learn about their business concerns and issues. Meanwhile, the Korean government’s delegation, including MOFA officials, held separate consultations with the Mongolian delegation to discuss strategies for diversifying the global supply chain for critical minerals through bilateral and multilateral cooperation, such as trilateral cooperation among Korea, Mongolia and the U.S.

7. Prior to the Committee meeting, Deputy Minister Lee also thanked the Mongolian Minister for supporting Busan's bid to host the 2030 World Expo and asked for continued interest and support.