On Dec. 11, South Korea’s Ministry of Trade, Industry and Resources (MOTIR) announced that the Korea-Mongolia Rare Metals Cooperation Center would be officially opened on Dec. 12 in Ulaanbaatar, Yonhap reported.
The center within the University of Science and Technology will study critical metals, such as tungsten, molybdenum, lithium and other rare earths found in Mongolia. The cooperation also includes training in mineral processing, refining and smelting, according to the ministry.
The center operates under a grant-based Official Development Assistance program and will receive roughly $6.7 million in support for its establishment and operation from 2023 to 2027, the ministry said in a release.
Since 2023, MOTIR has worked to set up Rare Metals Cooperation Centers through ODA programs to strengthen the supply chain for critical minerals. The first center opened in Mongolia, and more are being developed in Uzbekistan, Vietnam, Kazakhstan and Indonesia.
