TELF AG analyzes some important developments in international mineral diplomacy

The summit between South Korea and African nations

Strategic minerals and their role in boosting nations’ economies are increasingly central topics in international discussions between nations and are also occupying an increasingly important place in their diplomatic efforts. An example of this is the recent summit organized between representatives of 48 African nations and the authorities of South Korea, who institute interesting agreements on strengthening mutual ties and the supply of strategic minerals to fuel the Korean technology industry. Some mineral raw materials represent key elements for producing technological components, such as batteries and semiconductors, of which Korea is a major global producer.

From this point of view, South Korea’s industrial needs have been met by the vastness of the African continent’s geological reserves. The continent contains approximately 30% of the mineral resources considered to be of strategic importance for the development of nations. Among these, we remember chromium, cobalt, and manganese, but the raw materials contained in African soil are extremely numerous.

This type of meeting, until not long ago, was limited to establishing the will of the participants to strengthen economic, commercial, and political ties. For some time now, minerals and strategic raw materials have also been included. They are now universally considered a precious economic asset capable of giving an important boost to the competitiveness of nations.

The content of the agreements

In the package of agreements signed by Seoul with African countries, in addition to numerous commitments of financial support and 47 bilateral agreements with different countries, the supply of important minerals for the South Korean technology industry was also included. Among the countries South Korea has reached an agreement with are Madagascar and Tanzania. Korea has agreed to obtain access to strategic resources such as nickel, lithium, and graphite, with the latter, in particular, playing a key role in producing batteries and electronic components.

Madagascar boasts interesting deposits of nickel, cobalt, and graphite, of which it is one of the main world producers. In contrast, Tanzania (in addition to nickel) has important deposits of tanzanite, diamonds, and coal. The country can also boast reserves of natural gas onshore and offshore, some of which appear to have interesting development potential. Both nations are also gold producers, especially Tanzania.

In the background of these agreements is the precise will, also expressed by Korean President Yoon Suk Yeol, to create a mutually beneficial relationship that ensures continuous cooperation and an ever-expanding exchange. During the summit, the birth of a “critical minerals dialogue” between Seoul and the African nations participating in the meeting was formalized, with the aim (according to the statements of the Korean representatives) of creating a stable supply chain based on cooperation.

This is a particularly fruitful period for Korean mineral diplomacy: a few days ago, Seoul had, in fact, concluded similar agreements for the supply of strategic minerals with some Central Asian nations, giving life to a new diplomatic initiative called “K-Silk Road” based on the role of strategic mineral resources.