Expansion of domestic tungsten 50supply from Mongolia; Korea–Mongolia cooperation committee upgraded to ministerial level

The Ministry of Trade, Industry and Energy said 10Minister Kim Jung-kwan held a meeting in Ulaanbaatar with Gungger Dambinyam, Mongolia’s Minister of Industry and Mineral Resources. At the meeting, the two sides agreed to strengthen cooperation on critical minerals.

The Ministry of Trade, Industry and Energy said Mongolia supplied 27tons of tungsten concentrate to South Korea last month and agreed to expand the supply to 50tons starting this month.

The two countries agreed to upgrade the Korea–Mongolia Rare Metals Cooperation Committee, which had been operated at the vice-ministerial level, to a ministerial-level consultative body and to hold a ministerial-level meeting in the second half of this year.

It was agreed to expand exchanges in technology, personnel, and between companies, centered on the Korea–Mongolia Rare Metals Cooperation Center. It was also agreed to revise the MOU to reflect the needs of Korean companies and relevant institutions in line with the council meeting in the second half of the year.

The Ministry of Trade, Industry and Energy said it had decided to identify sustainable follow-up projects, taking into account that the ODA project of the Rare Metals Cooperation Center will end in 2027year.

Minister Kim Jung-kwan emphasized that transparent information sharing and improvements in logistics and transportation conditions are necessary to promote Korean companies’ entry into Mongolia.

This agreement was reached on the occasion of President Lee Jae-myung’s state visit to Mongolia.