With the global demand for critical minerals increasing, Canada and South Korea
are working together to enhance cooperation on critical minerals production. Both
countries have identified potential opportunities to collaborate in the development
of new projects, technologies, and markets for these minerals.
What Are Critical Minerals?
Critical minerals are those that are necessary for technological advancement due to
their physical characteristics or scarcity. They are used in a wide range of industries
such as electronics, renewable energy, aerospace, and defense systems. Examples
include rare earth elements, lithium, cobalt, nickel, indium phosphide, gallium
arsenide and many others. The demand for these materials has increased with the
rise of electric vehicles and other green technology.
Canada-Korea Partnership
The Government of Canada recently announced a partnership with the Republic of
Korea to deepen collaboration in the production of critical minerals. To this end,
both countries have established a Working Group on Critical Minerals that will focus
on identifying areas where cooperation is possible. This includes exploring potential
investments in new projects; developing new technologies; finding new markets for
these materials; as well as promoting industry standards for responsible mineral
production in both countries. The Working Group will also seek to identify ways to
strengthen existing partnerships between Canadian and South Korean businesses
operating in the sector.
Conclusion:
The partnership between Canada and South Korea presents a great opportunity for
both countries to benefit from each other’s expertise in critical mineral production.
By working together they can explore innovative ways to develop projects while
ensuring responsible production practices that meet industry standards. This
partnership reinforces the commitment by both governments to promote economic
growth through mutually beneficial collaborations in this growing sector of
international trade.
Reference:
Canada, South Korea seek deeper cooperation on critical minerals
(mining.com – Sept 23, 2022 – https://bit.ly/3g27Qdn )
