[시사일보=유양수 기자] On November 1, the Ministry of Foreign Affairs held the 3rd “Economy, Security and Diplomacy Advisory Committee” meeting (core minerals sector) in 2024, presided over by Second Vice Minister Kang In-seon. At this meeting, specific implementation plans for 32 core Minerals Security Partnership (MSP) projects, of which Korea serves as the chair, were discussed. About 30 people, including economic security and diplomacy advisory committee members, the Ministry of Foreign Affairs, the Ministry of Strategy and Finance, the Ministry of Trade, Industry and Energy, the Korea Institute of Geoscience and Mineral Resources, the Korea Mine Reclamation Corporation, and corporate officials, attended and exchanged opinions.
In his opening remarks, Second Vice Minister of Foreign Affairs Kang In-seon introduced that the number of Core Mineral Security Partnership (MSP) projects, which were 23 at the beginning of this year, has now expanded to 32, and that seven projects in particular have made substantial progress. In particular, it was revealed that the Mahenge graphite mine project in Tanzania, in which our company POSCO is participating, is progressing smoothly through cooperation between Black Rock Mining, an Australian mining company, the Tanzanian government, and related ministries of the Korean government. Vice Minister Kang expressed his expectation that through the Mahenge graphite project, an independent graphite value chain will be established throughout the entire process, from graphite mining to cathode material processing, battery manufacturing, and electric vehicle installation.
Cho Seong-jun, a senior researcher at the Korea Institute of Geoscience and Mineral Resources, who presented the topic, explained that the core mineral market is characterized by not only direct supply and demand, but also policy decisions that drive product prices, and talked about changes in the global core mineral supply chain following the results of the U.S. presidential election. He mentioned that the public and private sectors should work together to find a response plan. In addition, Park Joon-hyuk, a senior researcher at the Korea Institute of Geoscience and Mineral Resources, proposed a strategy to diversify the graphite supply chain, emphasizing that graphite is a supply chain security item that must be approached from an economic security perspective rather than business feasibility.
POSCO officials introduced the current status of the Mahenge project in Tanzania through a presentation and explained the challenges facing Korean companies producing core minerals, such as increasing uncertainty in the external environment of the core mineral market and problems securing business profitability. Participants and attendees Measures to overcome these challenges were discussed.
Participants agreed that it is important to secure a stable core mineral supply chain by strengthening strategic partnerships with major friendly countries and promoting supply chain diversification centered on the Core Mineral Security Partnership (MSP) project. In addition, △ analysis of the global supply and demand status of key minerals △ supply chain risk assessment △ measures to strengthen the competitiveness of the domestic industry were discussed in depth. Relevant ministries such as the Ministry of Foreign Affairs, the Ministry of Strategy and Finance, and the Ministry of Trade, Industry and Energy decided to listen to the difficulties and suggestions faced by companies and related organizations in the process of promoting core mineral projects, and to continue to strengthen the close public-private cooperation system between related ministries, companies, and experts.
Vice Minister Kang emphasized that the country will actively reflect the various policy recommendations discussed at this meeting and expand its responsibility and role in the international community as the chair of the Minerals Security Partnership (MSP).
The Ministry of Foreign Affairs plans to continue to actively collect opinions from experts on complex economic and security issues through the ‘Economic Security and Diplomacy Advisory Committee’ to reflect them in our foreign policy and implement them in policy terms.
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