B.C., South Korea will collaborate on critical minerals opportunities
The Province of British Columbia and the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) have signed a statement of co-operation to work together to advance the development of critical minerals for both regions.
The partnership encourages growth in all stages of the critical mineral life cycle, including exploration, mining, processing, manufacturing and recycling.
“British Columbia is a leading mining jurisdiction and working to provide the critical minerals that the world needs to build a low-carbon economy,” said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation. “By strengthening our collaboration with key trading partners like South Korea, we can further B.C.’s critical minerals sector and create new jobs and opportunities for people across the province.”
The statement of co-operation will establish a framework in areas of mutual interest, including critical minerals. Priorities outlined in the statement will guide efforts to achieve sustainable development and strategic advancements in the critical minerals sector. Priorities include:
- securing the supply chain of critical minerals through the promotion of trade and investment;
- strengthening technical capacity through joint research and development projects in the areas of mineral exploration, mining, mineral processing and mine rehabilitation;
- promoting sustainable and safe practices throughout the entire critical minerals value chain, including recycling; and
- sharing information, knowledge and experiences to foster the sustainable development of critical minerals in British Columbia and South Korea.
“Canada is one of the key mineral-focused countries designated by the Korean government in February, and British Columbia, in particular, has the Korean top-10 strategic critical minerals, such as nickel, rare earth, graphite and manganese,” said Mr. Kyu-Yearn Hwang, president and CEO of KOMIR. “KOMIR will actively support Korean private companies to enter Canada to secure critical minerals.”
The statement of co-operation has a three-year term, during which time British Columbia and KOMIR will hold annual meetings to review progress and define future work programs, including the development and implementation of the Critical Minerals Strategy aimed at unlocking the potential for increased production of critical minerals in the province.
“Collaboration with partners worldwide is how we build a stronger, sustainable and innovative economy,” said Brenda Bailey, Minister of Jobs, Economic Development and Innovation. “Establishing this statement of co-operation with KOMIR supports B.C.’s StrongerBC Economic Plan, and we look forward to continuing our work to foster these relationships in Korea, while creating more good jobs and investment opportunities for British Columbians.”
The statement of co-operation is a part of the Premier’s trade mission to Asia, including the Republic of Korea.
Quick Facts:
- B.C. is Canada’s largest producer of copper and only producer of molybdenum.
- These and other critical minerals are integral components of emerging technologies, such as electric cars, wind turbines and solar power.
- KOMIR is a leading, state-owned organization dedicated to the sustainable development and rehabilitation of mines in South Korea.
- KOMIR strives to promote responsible mining practices and the exploration of critical minerals.
- Over the past year, KOMIR has entered into similar agreements with the Saskatchewan Research Council, as well as Natural Resources Canada.
Learn More:
For information about Korean Mine Rehabilitation and Mineral Resources Corporation (KOMIR), visit: https://www.komir.or.kr/eng/