Australia and the Republic of Korea are further strengthening cooperation in resources and energy with a new agreement on critical minerals.
The Memorandum of Understanding on Cooperation in Critical Mineral Supply Chains comes as President Moon Jae-in visits Australia to mark the 60th anniversary of diplomatic ties.
Minister for Resources and Water Keith Pitt signed the agreement with the Minister for Trade, Industry and Energy of the Republic of Korea, Moon Sung-wook.
"The MOU will deliver on a shared ambition between our two countries to develop robust and commercially viable critical minerals supply chains," Minister Pitt said.
"The Republic of Korea is one of our nation's top trade and investment partners for resources and energy and this agreement will build on our existing links.
"It will foster Korean investment in Australian critical minerals projects and boost our exports, while the Republic of Korea will secure a reliable supply.
"Australia has rich deposits in critical minerals including rare earths, lithium, graphite, cobalt and nickel, and we are developing our capability in downstream processing.
"We share the Republic of Korea's ambitions to develop a fully integrated supply chain in critical minerals and look forward to increasing Korean involvement in the local sector."
The MOU builds on previous commitments outlined in the 2019 Memorandum of Understanding between Australia and the Republic of Korea on Energy and Mineral Resources Cooperation.
