Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol attended the Core Minerals Finance Ministers Meeting in Washington D.C. on June 12. The meeting was convened to discuss strategies for stabilizing global core mineral supply chains and enhancing international cooperation. Representatives from the G7, Australia, India, Mexico, and the EC expressed a shared commitment to overcoming vulnerabilities in mineral supply chains. Amid growing instability in global supply chains, securing and stabilizing core minerals has become a key issue for the international community.
During the meeting, the United States emphasized the need for concrete actions and investments, advocating for a ‘derisking’ approach rather than ‘decoupling’ to enhance supply chain resilience. Koo Yoon-cheol introduced Korea’s advanced capabilities in core mineral refining and processing during the open session. He highlighted the importance of leveraging comparative advantages among countries to strengthen global value chain connections. Additionally, he stressed the significance of mineral recycling for supply chain stability and proposed project-based cooperation.
Resource-rich countries such as Canada and Australia strongly requested technological cooperation with Korea in refining and mineral recycling. The participating nations agreed on the urgent need to address vulnerabilities in core mineral supply chains. Koo Yoon-cheol emphasized the necessity of creating platforms for companies to pursue concrete collaborative projects. Inquiries regarding the meeting can be directed to the Supply Chain Policy Division at the Ministry of Economy and Finance (+82-44-215-7870).
Looking ahead, the stabilization of global core mineral supply chains will depend on technological cooperation and the strategic use of comparative advantages. Korean companies’ refining and processing capabilities are expected to play a pivotal role in the international value chain. Efforts to enhance supply chain resilience and develop recycling technologies will continue. This meeting is likely to lead to expanded project-based international cooperation and strengthen Korea’s competitiveness in the core minerals industry.