Kang Gyeong-seong (left), president of KOTRA, and Kwon Yi-gyun, head of the Korea Institute of Geoscience and Mineral Resources, pose for a photo after signing an MOU to strengthen cooperation in the critical minerals sector at KOTRA's headquarters in Seoul on Monday. [KOTRA]
Kang Gyeong-seong (left), president of KOTRA, and Kwon Yi-gyun, head of the Korea Institute of Geoscience and Mineral Resources, pose for a photo after signing an MOU to strengthen cooperation in the critical minerals sector at KOTRA's headquarters in Seoul on Monday. [KOTRA]

KOTRA and the Korea Institute of Geoscience and Mineral Resources have teamed up to strengthen South Korea's access to critical minerals overseas. The two organizations plan to combine KOTRA's global network with the institute's expertise in mineral exploration and resource development to identify promising projects and help domestic companies diversify their supply chains.

The two organizations signed an MOU to strengthen cooperation in the critical minerals sector at KOTRA's headquarters in Seoul on Monday.

The partnership was formed in response to growing uncertainty in critical mineral supply chains driven by geopolitical tensions and resource nationalism among mineral-rich countries, with the aim of pooling on-the-ground overseas intelligence with resource development technology.

The two organizations will first share data on critical mineral production, exports, investment and overseas supply chain trends. They will also exchange information on overseas resource development projects and investment opportunities, and work to connect promising projects with South Korean companies.

The scope of cooperation extends beyond information sharing. The two sides will jointly hold seminars and forums on critical minerals, conduct joint research, and identify Official Development Assistance projects with foreign governments, institutions and companies. They will also work together to identify and address difficulties South Korean companies face in overseas mineral supply chains.

KOTRA will contribute market and corporate intelligence gathered in the field overseas, while the institute will provide expertise spanning mineral exploration, resource assessment and development. The goal is to respond more quickly when supply chain disruptions emerge and to broaden mineral procurement beyond the countries where sourcing is currently concentrated.

Building on the agreement, the two organizations said they intend to move beyond simple information sharing and actively identify overseas critical mineral projects and corporate support initiatives.

"The importance of securing critical minerals is growing by the day amid technological competition, geopolitical instability and the spread of resource nationalism," KOTRA President Kang Gyeong-seong said. "We will do our utmost to secure critical minerals and diversify supply sources by combining the Korea Institute of Geoscience and Mineral Resources' expertise with KOTRA's overseas network."


kwater@heraldcorp.com