Korean Media: Lee Jin-man Visits Mongolia, Eyes Rare Earth Mines

According to a July 9 report by Korean media outlet JoongAng Daily (Japanese Edition): During his state visit to Mongolia, President Lee Jin-man emphasized on the 9th (local time) to local media that "South Korea and Mongolia should establish a 'symbiotic supply chain cooperation model,' going beyond joint mining development to jointly enhance value-added outcomes."

In a written interview released by Mongolia's National News Agency Monzame that morning, Lee stated: "Mongolia possesses excellent mineral resources and growth potential, while South Korea has advanced technology in mineral exploration and development, as well as innovation capabilities in manufacturing. The two countries are poised to become important supply chain partners."

Mongolia holds rare earth mineral resources critical for semiconductor production, smartphones, military equipment, and permanent magnets used in electric vehicle motors. Its estimated rare earth reserves amount to 31 million tons, making it the world’s second-largest holder after China.

Mongolia ranks seventh globally in copper reserves and ninth in molybdenum production. Molybdenum is gaining significant attention as a next-generation semiconductor material.

Lee explained his proposed "symbiotic supply chain cooperation model," stating: "We should establish a collaborative business model across the entire lifecycle of critical mineral supply chains—from exploration and smelting, to linking with high-value-added industries, recycling, and workforce training." He added: "The recently opened Rare Metals Center should serve as the hub for bilateral cooperation on core mineral supply chains."

This marks the first South Korean presidential state visit to Mongolia in 15 years since former President Lee Myung-bak’s trip in August 2011.

Lee said: "Over the past 36 years, South Korea and Mongolia have built a solid, close partnership based on shared democratic and market economy values." He further added: "I hope this visit becomes a turning point toward a future strategic partnership between our nations—a chance to jointly usher in a new golden era of bilateral relations."

Lee also urged Mongolia to play a role in advancing peace on the Korean Peninsula. He stated: "Mongolia is a reliable partner. As a country maintaining diplomatic relations with North Korea, Mongolia should play an important role in building mutual trust in the region." He called on Mongolia—being a diplomatic partner of North Korea—to act as a bridge toward peace on the Korean Peninsula.

Lee specifically noted: "The Ulan Bator Northeast Asia Security Dialogue hosted by Mongolia has become an important forum for candid discussions aimed at easing tensions and building regional trust." He continued: "In the future, Mongolia will continue to build upon its accumulated diplomatic credibility and strengthen the valuable asset represented by the Ulan Bator Dialogue." "We expect this to make even greater contributions to peace and stability throughout Northeast Asia, including on the Korean Peninsula."

Original source: toutiao.com/article/1870219190117508/

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