Australia and Korea have agreed to expand cooperation to stablise the supply chain for critical minerals. On 19 July, Yoo Myung-hee, Korean Minister for Trade from Minister of Trade, Industry and Energy (MOTIE) met with Dan Tehan MP, Australian Minister for Trade, Tourism, and Investment to discuss ways to work together to stabilise the supply chain for critical minerals.
Australia is a major producer of critical minerals such as rare-earth elements and lithium and there is a great potential for collaboration between two counties in establishing a green supply chain. Australia accounts for about 40% of Korea’s import of critical minerals. Minster Tehan said “ I hope to create a mutual win-win business model by utilising strengths of Korea and Australia.”
A Korean consortium consisting of investment companies such as ACE Equity Partners, Cerritos Holdings and Kamur Partners signed a contract with Australia’s ASM and acquired 20% shares in Australia’s mines for $250 million dollars. ASM said that “We are now in the position to supply Korea with permanent magnets and critical minerals which are important for advanced manufacturing.”
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