▲ This photo, provided by South Korea's industry ministry, shows Minister Lee Chang-yang (R) shaking hands with Chris Bowen, Australia's climate change and energy minister, ahead of their talks in Seoul on July 25, 2023. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) S Korea-Australia-minerals

(LEAD) S. Korea, Australia to boost ties on key minerals, energy

(ATTN: CHANGES photo)

SEOUL, July 25 (Yonhap) -- South Korea and Australia agreed Tuesday to enhance cooperation on supply chains of major industry minerals and clean energy fields, Seoul's industry ministry said.

The consensus was reached during a meeting between South Korea's Industry Minister Lee Chang-yang and Chris Bowen, Australia's climate change and energy minister, in Seoul, according to the Ministry of Trade, Industry and Energy.

The two sides agreed to work more closely on the stable supply chains of industry minerals, liquefied natural gas and other resources, as well as clean hydrogen, eco-friendly steel production, and carbon capture and storage fields.

Australia is rich in lithium, cobalt, liquefied natural gas (LNG) and various other natural resources, and it is the No. 1 supplier of LNG, coal and iron ore for South Korea, according to the ministry.

During the meeting, Lee voiced concerns and asked for the Australian government's cooperation regarding its "Safeguard Mechanism," which sets limits on greenhouse gas emissions from major industrial facilities, as it has created uncertainties for South Korean companies running businesses there, the ministry said.

"The two sides will cooperate on various clean energy fields as South Korea has technology prowess and Australia has production capacities. For the goal, we will also use such multilateral consultation platforms as the Indo-Pacific Economic Framework," the ministry said in a release.

The U.S.-led IPEF is attended by 14 nations, including South Korea and Australia, and it aims to promote supply chain resilience and boost trade among major regional partners.

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