Australian Strategic Materials Limited (ASM) has signed a Joint Statement of Cooperation with the Korean Mine Rehabilitation and Resource Corporation (KOMIR), formerly Korean Resources Corporation (KORES), to enable the supply of critical minerals and metals into Korea.
KOMIR is the Korean Government Agency responsible for national resource security, including developing overseas mining and processing capacity to supply the Korean market. One of KOMIR’s strategic objectives is to upgrade the country’s access to critical minerals.
Under the Joint Statement of Cooperation*,* ASM and KOMIR will collaborate to expand the use of rare earths and critical metals in Korea and develop import opportunities that will secure the supply of these metals for Korean industry.
“This builds on the cooperative and collaborative relationship between Korea and ASM, creating further opportunities to engage on the strategic issue of critical minerals and metal supply,” stated David Woodall, ASM’s Managing Director. “This Joint Statement of Cooperation is another firm sign of Korea’s commitment to securing its supply of critical metals and to working with ASM to deliver an outcome that is beneficial to the Korean supply chain.”
Key areas contemplated for cooperation under the Joint Statement of Cooperation include importation of rare-earth products into Korea, including for strategic and supplying ASM with rare-earth products to enable Korean domestic production of rare-earth magnet feed metal at ASM’s Korean Metals.
Kyu-yearn Hwang, CEO of KOMIR, commented, “To improve the supply and demand of rare earths in South Korea, the South Korean government supports the operation of South Korean critical metals plants. Partnering with ASM will enable us to deliver on our strategy to ensure a stable, secure supply of critical minerals and metals for the South Korean industry.”
Woodall concluded, “ASM welcomes this opportunity to work with KOMIR to provide an alternative, secure and sustainable supply of critical metals. ASM will commence production of critical metals at ASM’s Korean Metals Plant in 2022.”