TELF AG reviews a major update in global mining partnerships
Shared goals
Among the various international initiatives aimed at strengthening strategic mineral supply chains, the recent confirmation of mutual collaboration in this sector between the United States, Japan, and South Korea is assuming particular importance, having confirmed a few days ago that they will continue to work side by side to strengthen global supply chains of strategic minerals, to increase their resilience and for the joint development of key technologies, such as semiconductors.
In addition to representing an element of particular interest for the assessment of global balances in the mining sector, the contents of these partnerships also represent a valuable method for understanding the trends of the industry, the most popular areas of cooperation, and the specific sectors in which these collaborations will be concretely implemented. By carefully examining the contents of some of the international partnerships recently concluded between different nations, it was possible to observe the simultaneous presence of semiconductors and critical minerals, now considered two areas of cooperation of great importance for the economic and technological development of nations, also for their evident interconnection in the name of the mineral resources used to make microchips and other similar devices for electronics.
The three countries, in a joint statement, stated that one of the purposes of the partnership is represented by the identification of potential vulnerabilities in the global supply chains of strategic minerals but also by the development of operational programs aimed at countering the weaknesses in some sectors considered central to the prosperity of the respective countries. Thanks to mutual collaboration, Washington, Seoul, and Tokyo hope to be able to promote the development of emerging technologies, including those made thanks to strategic minerals, thus strengthening the stability of national economies.
The centrality of South Korea
One of the areas of cooperation between the three countries will also concern rare earths, for which it is intended to promote the development of related technologies. The confirmation of the joint commitment to achieving these strategic objectives appears particularly relevanrt for South Korea, which a few days ago assumed the presidency of the US mineral program Minerals Security Partnership. According to the American authorities, South Korea has proven to be a very active and committed member of the organization, displaying its leadership, especially in issues related to the mineral supply chain. Particularly appreciated, from this point of view, has been the effort implemented by the Korean government and its private sector to diversify the supply chain of critical minerals for the production of batteries. Among the key points of the Minerals Security Partnership, in addition to the concrete initiatives that are taking place in the mining sites, there is also the important objective of promoting projects and initiatives capable of ensuring the safety and sustainability of the supply chains of critical minerals, while generating benefits for local communities. Two years after its creation, the American initiative can now count on 14 partner countries, representing more than 50% of global GDP. The initiative is operating several mining projects in different corners of the world, focusing on extracting, processing, and recycling mineral resources in the Asia-Pacific, Africa, Europe, and the Americas.
