A core mineral business forum will be organized to closely discuss global core mineral business for the sustainability of domestic cutting-edge industries such as semiconductors and secondary batteries, and to foster partnerships such as investment cooperation between companies.

The Ministry of Trade, Industry and Energy (MOTIE) held the ‘Preparatory Committee for the Establishment of the Core Minerals Business Forum’ in the conference room of the Coal Association Hall on the 19th, hosted by Director of Energy Policy Office Cheon Yeong-gil.

The preparatory committee meeting held this time was held with the recognition that a private-sector-led consultative body is needed to systematically implement the information provision, international cooperation, risk management, resource development, recycling, stockpiling, and regulatory improvement contained in the "Key Minerals Securing Strategy" announced by the government in February.

Going forward, the 'Core Minerals Business Forum' plans to serve as a public-private communication channel, including policy consultation, hosting core mineral forums, and international cooperation, as well as private diplomacy to secure core minerals.

Industry, academia, and research representatives who attended the preparatory committee for the establishment mentioned that securing core minerals such as lithium, nickel, and rare earth elements needed for advanced industries has become increasingly difficult due to the recent Inflation Reduction Act (IRA) in the United States, the Core Commodities Act (CRMA) of the European Union, the Mineral Security Partnership (MSP), and resource nationalization. They also pointed out regulatory reform, financial and tax support, and training of specialized personnel to stabilize the core mineral supply chain as key tasks to be addressed at the forum.

Energy Policy Director Cheon Young-gil said, “The Core Minerals Business Forum will contribute to the sustainability of domestic cutting-edge industries such as semiconductors and secondary batteries. “We expect this platform to play a role in securing a stable supply chain and contributing to resource security by closely discussing global core mineral business and forming partnerships such as investment cooperation between companies,” he said.

The Core Minerals Preparatory Committee agreed to hold its first forum in the third quarter of this year after a preparation period of approximately two months, including electing a chairman and other executives and finalizing the articles of incorporation.