The Australia-Korea Business Council (AKBC) is pleased to launch our latest Discussion Paper – Critical Minerals: Urgent Opportunities.
Demand for critical minerals is rising – in response to global trends and geopolitical events – and securing a stable and accessible supply chain to these metals is quickly becoming a national priority for both Australia and Korea.
Recent deals in the critical mineral sector, between Australian miners and Korean manufacturers, are worth hundreds of millions of dollars and, the mutual benefits of cooperation and collaboration between Australia and Korea, are clear. Australia can be a reliable supplier of critical materials to allow Korea to move towards a lower carbon future, and Korea can help Australia move down the supply chain and unlock an additional $7.4 billion annually to Australia’s economy.
Our members – some of Australia’s largest critical mineral miners and explorers – report they are regularly meeting with Korean technology companies and already-productive business partnerships continue to strengthen. Australian miners see Korea as a key future market. There are unprecedented and urgent opportunities for both countries to trade and share in ongoing prosperity. As the world increasingly relies on new renewable technologies, powered by critical minerals, Australia should position itself to capitalise on those opportunities.
The Discussion Paper focuses on:
- Defining the emerging set of strategic political, trade and technological circumstances that are contributing to the increasing demand and value of critical minerals.
- Outlining the opportunities and risks for the Australian, state and territory governments and the private sector across upstream and downstream supply chains.
- Outlining the opportunities and risks for Korea in diversifying its critical minerals supply chains and policy implications.
- Highlighting the importance of greater collaboration between Australia and Korea in critical minerals.
The Critical Minerals: Urgent Opportunities is the latest contribution by AKBC to the dialogue on critical minerals. The AKBC is also in the process of establishing an AKBC critical minerals sub-committee, which will comprise executives of member firms who are deeply engaged in the opportunities in critical minerals sector between Australia and Korea. The Discussion Paper poses a number of questions, and the AKBC is seeking feedback from our members and stakeholders by 24 September.