Remarks by H.E. Cho Tae-yul
Minister of Foreign Affairs of the Republic of Korea
Minerals Security Partnership Principals’ Meeting
New York, September 26, 2024

Mrs. Maive Rute, Deputy Director-General of the European Commission,
Amb. Jose Fernandez, U.S. Under Secretary of State,
Distinguished Delegates,

It is a great pleasure for me to be here with all of you today.

Some experts say that we are now entering the Age of Critical Minerals in the fashion of Stone Age and Iron Age, highlighting the extent to which critical minerals now determine the trajectory of technological advancement, economic growth, and geopolitical dynamics.

As a key component of semiconductors and electric vehicles, critical minerals, play a crucial role in the advancement of cutting-edge technologies and the global transition to clean energy. As such, secure supply of critical minerals is vital.

Over-reliance on any one country, combined with geopolitical volatility, could cause vulnerability in the supply chain, potentially hampering the development of many key industries. In other words, potential disruptions in the supply chain of critical minerals may pose significant threats to the global economy and even national security.

The Minerals Security Partnership (MSP) was launched in 2022 to address these challenges: to facilitate the development of advanced industries and the transition to clean energy. As the newly appointed Chair of the MSP, the Korean government is deeply honored and yet feels also a heavy sense of responsibility.

In our view, under the able leadership of Under Secretary Fernandez, the MSP is evolving beyond just being a dialogue. It should be an action-oriented consultative group, embodying shared values and collective commitments to cooperation, with the concrete purpose and plan of establishing diverse, secure, and sustainable supply chains for critical minerals.

To realize this goal, we need a coordinated strategic cooperation among MSP partners, the active participation of private investors, and full engagement from industries across the entire supply chain, from upstream to mid- and downstream.

As of today, there are 32 projects underway around the world under the name of the MSP - and some of them are showing significant progress. For example, the Mahenge Graphite Project in Tanzania, for which Korea leads the Working Group, is about to hold its groundbreaking ceremony next month.

Graphite production from Mahenge is expected to begin in 2026. The Korean company POSCO will process all the graphite from the Mahenge mine into anode materials for EV batteries. Then we will be able to establish a whole graphite value chain without relying on a certain country that currently dominates the global graphite supply chain.

The Republic of Korea, as Chair of the MSP, will continue to provide unwavering support in order for all MSP projects including the Mahenge project to yield tangible results as swiftly as possible.

In turn, for the resounding success of the MSP projects, we must strive to maximize the opportunities for synergies through strategic policy cooperation between MSP partners, primarily mineral-consuming nations and the mineral-rich countries participating in the MSP Forum.

I take this opportunity to express my deep appreciation to the United States and the European Union, Co-Chairs of the MSP Forum, for their efforts to reach out to potential participants and deepen our activities.

I hope that the number of countries participating in the MSP Forum will continue to grow. I look forward to seeing more MSP projects through joint investment and cooperation between MSP partners and MSP Forum members.

Achieving the highest level of ESG is one of the main goals of the MSP. I hope focused discussions will be made on how to ensure the highest standards of transparency, anti-corruption, and human rights protection through strong ESG commitments in the implementation of MSP projects.

Distinguished Delegates,

“A chain is only as strong as its weakest link.” In the global value chain of critical minerals, it is imperative that we forge a stronger, more resilient chain without weak links.

From exploration to mining and processing, to marketing and recycling, let us build a stable and diversified global value chain for critical minerals.

Under the leadership of my colleague, Vice Minister Kang Insun, who is serving as the MSP Chair, I trust that today’s discussions will transpire to be constructive and fruitful.

Thank you. /END/