Securing critical minerals partnership with South Korea **

The Northern Territory is positing itself to be a leading supplier of critical minerals to support the global transition to a decarbonised economy following a recent MoU signing with South Korea.

Mineral production is a major driver of the Northern Territory’s economy. Last year mineral production in the Northern Territory was $4.86 billion, with more than 4,400 people employed within the industry.

The Northern Territory has a strong pipeline of emerging mining projects in non-ferrous metals, critical minerals and precious metals for the advanced manufacturing of batteries, semiconductors and renewable energy technologies.

Demand for these critical minerals is projected to grow rapidly with the increasing transition to renewable energy and battery storage and high-technology industries.

In May 2024, the Northern Territory Government signed a Memorandum of Understanding with the Korean Mine Rehabilitation and Mineral Resources Corporation (KOMIR) to enhance cooperation in the critical minerals resources sector between our two regions.

KOMIR is the Korean Government agency which oversees South Korea’s national resource security and developing overseas mining and processing capacity.

The MoU outlines a comprehensive framework for cooperation based on equality and mutual benefit between the Northern Territory Government and KOMIR.

It is designed to promote cooperation in critical minerals resources and growth in all stages of the critical minerals life cycle including, exploration, mining, processing manufacturing and recycling.

South Korea is the Northern Territory’s 4th largest trading partner and is identifies as a high priority market in the Northern Territory International Engagement Strategy 2022-2026.

The MoU is a significant milestone and further strengthens trade relationships between the Northern Territory and South Korea. It also places the Northern Territory as a secure and reliable partner for critical mineral supply to South Korea.