KOMIR Ramps Up Efforts to Secure Core Resources Amid Resource Hegemony

President Hwang Young-sik of Korea Mine Rehabilitation and Mineral Resources Corp. (KOMIR) delivers his opening speech at the 9th General Meeting of Overseas Mineral Resources Development Council (ORE:On ) at Glad Hotel in Yeouido, Seoul, on June 20.

Amid the rising global competition to secure mineral resources, the public and private sectors of the nation are joining forces to solidify core resources supply chains.

Korea Mine Rehabilitation and Mineral Resources Corp. (KOMIR) held the 9th General Meeting of Overseas Mineral Resources Development Council (ORE:On) at Glad Hotel in Yeouido, Seoul, on June 20.

The event, held under the theme, “Building Core Resources Supply Chains and International Cooperation amid Global Situation Changes,” was designed to discuss ways of strengthening strategic cooperation and expanding global networks.

KOMIR President Hwang Young-sik poses with other participants of the 9th General Meeting of ORE:On. (Photos: KOMIR)

Among about 200 people on hand at the event were Dir.-Gen. Yoon Chang-hyun of the Ministry of Trade, Industry and Energy (MOTIE), Rep. Song Ki-heon of the Democratic Party of Korea, and officials of major companies, including LX International, POSCO Holdings, LG Energy Solution and EcoPro Innovation.

The participants shared practical ways of promoting cooperation between the public and the private sector to secure core resources.

ORE:ON was established in 2017 with the goal of ramping up the private sector’s capabilities to develop resources.

The chair company of the organization is KOMIR.

The entity has a membership of about 200 companies with four subdivisions – resources development, distribution, R&D and natural environment ESG.

Each subcommittee is committed to building an ecosystem of private sector-initiated resources development through information exchanges of each sector, policy discussions and networking.

KOMIR President Hwang Young-sik said, “Unless the private sector, government and public entities are engaged in organic cooperation amid the world’s desperate efforts to secure core resources, we are destined to fall behind in survival competition, and KOMIR does not spare support in every sector, such as local information, technology advise and fact-finding related to overseas market entry and the building of supply chains.”

ORE:ON is to strike MOUs with resources-rich countries during the first half and establish a foothold for supply chains by expanding market entry to strategical regions, such as Southeast Asia and Africa.

KOMIR has been accelerating efforts to secure resources by striking agreements to promote cooperation with Northern Territory Government (NTG) of Australia, German Federal Institute for Geosciences and Natural Resources (BGR) and Terengganu State Development Corporation (MBI) of Malaysia.

The general assembly coincided with a seminar in which speakers took up themes on the possibility of policies and cooperation with strategic resources countries.

Kim Dae-yong, head of the R&D office at the Korea Development Institute, gave a presentation on the theme, “Global Strategic Partnership in Critical Mineral Chains.” Dane Richmond, Trade and Investment Commissioner and Counsellor (Commercial) at the Australian Embassy in Seoul, spoke about the theme “Why Australia for Critical Minerals.”

Ian Scrimgeour, Senior Executive Director, NT Geological Survey at NT Department of Mining and Energy, gave a presentation on the topic “Critical Minerals Opportunities in the Northern Territory.” Luis Lucero, Argentina’s Secretary for Mining, spoke about the theme “Argentina’s Minerals: A Strategic Opportunity.”

KOMIR’s overseas branches and incorporated entities gave a presentation on local resources development strategies of major resources countries and investment opportunities.

KOMIR’s Canada Office spoke about investment strategies in core resources amid environmental changes in North America: the Chile Office spoke about Chile’s copper industry developments and investment insight; the China Office discussed China’s core resources development and policy trends; the Australia Office spoke about the Australian government’s cooperation and support system to secure core resources; and the Mongolia Corp. gave a presentation on Mongolia’s core resources development and policy trends.