South Korea set to open rare metals cooperation center in Mongolia
South Korea will officially commission a rare metals cooperation center in Mongolia this week in a bid to enhance the East Asian nation’s industrial value of rare earth reserves, the Korean industry ministry reported on Thursday, Qazinform News Agency cites Yonhap.
The Ministry of Trade, Industry and Resources said the center, housed in the University of Science and Technology in Mongolia's capital of Ulaanbaatar, will begin operations on Friday.
Founded under Seoul's official development assistance project for Mongolia, the center is set to study rare earth metals in the country, such as tungsten, molybdenum and lithium, and offer technical training in processing and refining, thus assisting Mongolia to add value to its rare metal resources.
According to the ministry said the center will contribute to bilateral critical mineral cooperation between the two nations, which is set to stabilize Korea's supply chain in the long term.
Similar rare metals cooperation centers are expected to be built in Uzbekistan, Vietnam, Kazakhstan and Indonesia.
Previously, Qazinform News Agency reported Kazakhstan and South Korea partner to develop the Alatau Smart City project.
