S.Korea to dispatch key minerals investigation teams to Chile, Argentina

South Korean government will dispatch a public-private partnership key minerals business survey team to Chile and Argentina to revitalize overseas resource development and strengthen cooperation in the key minerals' supply chain. Chile and Argentina are the largest deposits of lithium, a key material for electric vehicle batteries.

This move is also aimed at reducing Korea's dependence on certain countries for core minerals in response to the US Inflation Reduction Act (IRA) and the EU's Critical Raw Materials Act (CRMA).

The Ministry of Trade, Industry and Energy, along with the Korea Mine Rehabilitation and Mineral Resources Corporation, announced on Monday that the teams will be sent from April 18 to 21. Following Prime Minister Han Duck-soo's visit to Chile and Argentina in October last year, Chile and Argentina have already established a renewable energy and mineral resource cooperation system with South Korea.

The teams are being dispatched to enhance cooperation with resource-rich countries and invigorate private sector-led overseas resource development efforts amid the spread of resource nationalism, such as the nationalization of lithium mines in Mexico and the formation of a lithium consultation group by countries in Central and South America.

Initially, the teams plan to visit Chile, the country with the world's largest lithium deposits, to meet with the Minister of Mining and officials from the National Mining Company (ENAMI) to support Korean companies' participation in Chile's core mineral projects.

Additionally, the teams will hold an on- and offline seminar on April 19 in collaboration with ENAMI to share Chile's lithium development strategy and explore business opportunities for Korean companies.

In Argentina, the teams plan to meet with representatives of Energy and Mining Resources of Salta (REMSa SA), which is promoting lithium plant construction by Korean companies, to discuss cooperation for the project and explore promising lithium projects.

The Korean ministry aims to expand bilateral and multilateral cooperation with resource-rich countries under its core mineral securing strategy announced in February.

Write to Han-Shin Park at phs@hankyung.com