Korea, Western Australia agree to boost ties on energy, key minerals

Korean and Australian government and business officials hold a business forum on key minerals in Seoul, on Oct. 12, 2022 [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea and Western Australia agreed Monday to strengthen their cooperation on key minerals, hydrogen and other energy fields, Seoul's industry ministry said.

Korea's Industry Minister Lee Chang-yang and Premier of Western Australia Mark McGowan met in Seoul and signed a letter of intent that calls for enhancing ties on investment and exports of major minerals, clean hydrogen, carbon technology and a wide range of advanced energy sectors, according to the Ministry of Trade, Industry and Energy.

The two sides said they are "optimum partners" in terms of ensuring stable global supply chains in minerals and nurturing new energy industries, as Korea has advanced technologies and manpower, and Western Australia is rich in lithium, cobalt, liquefied natural gas and various other kinds of natural resources, it added.

They also agreed to work more closely in their traditional fields of cooperation, including steel and gas.

Korea seeks to explore new suppliers of major minerals to reduce its heavy reliance on China in a move to better respond to the U.S.' Inflation Reduction Act.

Yonhap