KT to collaborate with Mongolia's Monnis Group in rare earth mining area

South Korea's telecom operator KT Corp. said on Wednesday that it has signed a memorandum of understanding (MOU) with Mongolia's Monnis Group for cooperation in the rare earth mining business.

Monnis Group holds rare earth mining licenses in Mongolia.

Earlier on Jan. 26, KT had signed an agreement with the Mongolian Ministry of Mining and Heavy Industry for mineral resources supply.

Mongolia produces about 80 kinds of mineral resources such as copper, fluorite, gold, iron, and zinc, as well as rare earth elements accounting for 16% of the world's reserves.

"We will work hard to be in Korea's best interest through continuous cooperation with the government and industries that need mineral resources," said Moon Seong-wook, head of KT's global business office.

Write to Seung-Woo Lee at leeswoo@hankyung.com