Korea to open rare metals cooperation center in Mongolia this week
Employees of the Ministry of Trade, Industry and Energy enter its building at Government Complex Sejong, March 2022. Yonhap
Korea will officially launch a rare metals cooperation center in Mongolia this week to help the East Asian nation strengthen the industrial value of its rare earth metals reserve, Seoul's industry ministry said Thursday.
The center, located inside the University of Science and Technology in Mongolia's capital of Ulaanbaatar, will commence operations on Friday, according to the Ministry of Trade, Industry and Resources.
The center was established as part of Seoul's official development assistance project for Mongolia.
It will study rare earth metals in the country, such as tungsten, molybdenum and lithium, and provide technical training in processing and refining, with an aim to help Mongolia add value to its rare metal resources, according to the ministry.
The ministry said the center will help the two countries lay the foundation for bilateral critical mineral cooperation, which is expected to contribute to Korea's supply chain stabilization in the long term.
Korea plans to build additional rare metals cooperation centers with Uzbekistan, Vietnam, Kazakhstan and Indonesia.