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Korea Herald
07-04-2025
- Business
- Korea Herald
Tanzania, Korea discuss critical minerals
Experts from Tanzania and South Korea discussed minerals critical for future industries, such as graphite, nickel, lithium and rare earth elements, at the Tanzania-South Korea Critical Mineral Roadshow in Seoul. Jointly organized by the Tanzanian Embassy in Seoul and the Korea Institute of Geoscience and Mineral Resources (KIGAM), the roadshow follows the June 2024 agreement between South Korea and Tanzania to enhance resource and mineral cooperation. During the first-ever Korea-Africa Summit held in Seoul last year, South Korea and Tanzania agreed to cooperate on critical minerals to strengthen South Korea's supply chains for key industries such as rechargeable batteries. The two countries also announced the start of negotiations for an Economic Partnership Agreement to deepen trade ties, aiming for a mutually beneficial trade network beyond basic market access. At the roadshow, KIGAM reiterated bridging Korean companies with the Tanzanian government and businesses for joint mineral projects. KIGAM and a high-level delegation of Tanzanian officials — from the Ministry of Minerals, Geological Survey of Tanzania, State Mining Company and the Mining Commission — called for stronger Tanzania-Korea cooperation in the mining and refining sectors to diversify critical mineral supply chains and reduce dependence on China. 'Tanzania plans to complete 50 percent of its geochemical surveys by 2030 to develop high-value mines with investment support,' said Musa Budeda, CEO of GST. 'Besides mining, there are also opportunities in refining facilities, transportation and logistics infrastructure,' said Budeda, highlighting the rising demand for critical minerals to achieve global net-zero goals. He projected that by 2040, copper demand would rise 1.5 times compared to 2003 levels, while lithium demand would increase ninefold. Experts at the roadshow highlighted that with a growing global population, the demand for critical minerals is expected to rise steadily. Minerals such as lithium and rare earth elements are essential for advancing low-carbon technologies, including electric vehicles. 'This is not just about the government — it is equally about the private sector,' said Tanzanian Ambassador to Korea, Togolani Edriss Mavura. 'This mix provides you with the entire ecosystem of solutions a Korean company needs to invest in Tanzania,' said Mavura. Following the roadshow, GST and KIGAM signed a memorandum of understanding on March 26, 2025, to enhance geoscience research and mineral exploration. The agreement promotes joint geological, geochemical and geophysical research; mineral processing studies; capacity building and natural disaster management research. Tanzanian Deputy Minister for Minerals, Steven Kiruswa, commended South Korea's commitment to the partnership, emphasizing its potential to empower Tanzanians with technical expertise. 'This partnership is a significant step in positioning Tanzania as a global leader in mineral research and value addition,' said Kiruswa. The event featured B2B meetings between Tanzanian and Korean companies, with site visits to KIGAM's research infrastructure in Daejeon. Meanwhile, Tanzanian officials toured KIGAM's facilities to see advanced mineral processing techniques, electric vehicle battery material innovations and sustainable mining technologies. sanjaykumar@
Korea Herald
05-02-2025
- Business
- Korea Herald
Korea, Africa hold 1st critical minerals dialogue in Cape Town
South Korea and 11 African nations held their first Critical Minerals Dialogue on Tuesday, as a key follow-up measure to last June's inaugural Korea-Africa summit in Seoul, according to South Korea's Foreign Ministry. The inaugural dialogue was held in Cape Town, South Africa, in conjunction with the African Mining Indaba, a premier event that brings together mining professionals, investors, and industry leaders to discuss the potential and capabilities of Africa's mining sector. In her opening remarks, South Korea's Second Vice Foreign Minister Kang In-sun stated that Korea "seeks to build long-term and mutually beneficial partnerships with African countries in the critical minerals sector," the Foreign Ministry in Seoul said Wednesday. Kang also 'emphasized that cooperation in critical minerals requires patience, effort, and the establishment of a mutually trustworthy partnership, much like actual mineral extraction.' The event brought together around 100 government and industry representatives, including around 60 attendees from the African side. The delegation featured officials from 11 countries—Algeria, The Gambia, Ivory Coast, Lesotho, Morocco, the Republic of the Congo, Senegal, Tanzania, Uganda, Zambia, and Zimbabwe —comprising ministers and vice ministers of mining, public institution representatives, and business leaders. About 20 officials from South Korea's Foreign Ministry, the Ministry of Trade, Industry and Energy, the Korea Mine Rehabilitation and Mineral Resources Corporation, and the Korea Institute of Geoscience and Mineral Resources participated in the dialogue. South Korean companies, including POSCO International, LX International, Samsung C&T, Hyundai Everdigm, KCC Glass, and TKG Huchems, were also in attendance. The first session highlighted Korea's critical minerals supply chain policy, focusing on securing a stable supply and diversifying sourcing. South Korean companies also outlined their strategies and key ongoing projects in the mining sector, according to the Foreign Ministry. In the second session, the Korea Institute of Geoscience and Mineral Resources presented opportunities for Korea-Africa cooperation in critical mineral exploration and processing. Following this, African government representatives discussed their critical mineral policies and potential areas for collaboration with Korea, according to Seoul. Algeria, the Republic of Congo, Ivory Coast, and Tanzania introduced their mineral reserves and development strategies, calling for Korean investment and engagement. The Gambia, Lesotho, Morocco, Uganda, Zambia, and Zimbabwe emphasized the potential to enhance value of critical mineral resources and boost local economies through cooperation with Korea's advanced mineral exploration and extraction technologies.
