PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has inked a memorandum of understanding (MoU) with the Korea Mine Rehabilitation and Mineral Resources Corp (KOMIR) to strengthen cooperation on exploration and development of mining resources in Australia, particularly critical minerals.
“Australian mining has a global reputation as a reliable, sustainable and responsible partner in supporting global economic development, secure supply chains and decarbonisation. Korea is a leader in the manufacture of lithium batteries and magnets and is expanding its electric vehicle manufacturing,” said MCA CEO Tania Constable on Friday.
“Closer ties will generate opportunities for Australian minerals companies to supply lithium, cobalt, nickel, graphite and rare earths among other minerals.”
Constable said that this MoU would support greater collaboration in minerals and energy, investment and partnerships and build on previous commitments made between the Australian government and the Republic of Korea.
KOMIR is the Korean government agency which oversees Korea’s national resource security and develops overseas mining and processing capacity. It was established in September last year through the combination of two exiting bodies; Korea Resources Corp and Mine Reclamation Corp.
One of KOMIR's strategic objectives is to upgrade Korea’s access to critical and other minerals.
Republic of Korea investment in Australia has grown rapidly over the past decade, rising from A$12.8-billion in 2011 to A$32.7-billion in 2020.
The MCA said on Friday that it was looking forward to working closely and collaboratively with KOMIR officials under the practical framework the MoU provides to deliver trade and investment outcomes that mutually benefit Australia and the Republic of Korea.