S. Korea seeks closer ties with Chile, Argentina on key minerals development

▲ This file photo taken Nov. 4, 2022, and provided by SK On, shows the company's Chief Operating Officer Jin Kyo-won (R) shaking hands with SQM Executive Vice President Carlos Diaz after signing a five-year lithium supply deal at SK Group's headquarters in central Seoul. (PHOTO NOT FOR SALE) (Yonhap)

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S. Korea seeks closer ties with Chile, Argentina on key minerals development

SEOUL, April 17 (Yonhap) -- South Korea will send a delegation to Chile and Argentina this week to explore ways to boost cooperation on supply chains of lithium and other major minerals and the development of natural resources, the industry ministry said Monday.

The delegation -- which involves officials both from the government and private firms, including Samsung C&T Corp. and POSCO Holdings Inc. -- will visit the two South American nations from Tuesday through Friday, according to the Ministry of Trade, Industry and Energy.

The planned trip comes as South Korea has been working to reduce its dependence on China and diversify supply channels of major minerals to ensure stable supplies of the industry items and better respond to the United States' Inflation Reduction Act (IRA) and the European Critical Raw Materials Act.

In Chile, the delegation will meet with the chief of the country's mining ministry and other officials from relevant institutions to seek their cooperation for South Korean companies' participation in major minerals development projects, according to the ministry.

South Korea and Chile will hold a business seminar to share the Chilean government's strategies on the lithium development and explore business chances, it added.

Chile is the world's No. 1 nation in terms of lithium and copper deposits.

The South Korean team will also visit Argentina to explore ways to facilitate joint projects on the lithium development, it added.

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