NT signs MOU with South Korea on critical minerals
The Northern Territory government has signed a Memorandum of Understanding with South Korea for co-operation on critical minerals opportunities.
This week key industry leaders and representatives from Australia, Japan, the Republic of Korea and the United States gathered in Darwin to discuss critical mineral production, supply chain resilience and economic security.
The Korea Mine Rehabilitation and Minerals Resources Corporation, South Korea’s agency which oversees resource security and international mining opportunities, signed the MoU which establishes a comprehensive framework for co-operation based on mutual benefit.
South Korea is the Territory’s fourth largest trading partner, with exports worth $1.5bn in 2022-23.
The total value of mineral production in the Northern Territory was $4.86bn last year, with 4400 people employed within the industry - a number the government hopes to see grow as renewable energy and battery storage industries expand.
Chief Minister Eva Lawler said strengthening collaboration with key trading partners like South Korea would create more working opportunities for people across the NT.
“We are breaking through as a leader in the critical mineral sector and the Territory Labor government is well placed to capitalise on the world’s need for our minerals,” she said.
Mining Minister Mark Monaghan said the MoU would strengthen ties with “a country double the population of Australia”.
“The Territory Labor government is ensuring the Territory’s critical minerals are front of mind for South Koreans, with investment promotion for private South Korean companies to come to the Northern Territory now under way,” he said.