Key industry leaders and representatives from Australia, Japan, the Republic of Korea and the US met in Darwin to discuss critical mineral production, supply chain resilience and economic security.
At the discussion, the Northern Territory Government signed a Memorandum of Understanding (MoU) with the Korea Mine Rehabilitation and Minerals Resources Corporation (KOMIR), who oversee resource security and international mining opportunities.
The landmark MoU establishes a comprehensive framework for cooperation based on mutual benefit and is a significant milestone which further strengthens trade relationships between the Northern Territory and its fourth largest training partner.
The total value of mineral production in the Northern Territory was $4.86 billion 2023, with 4,400 people employed within the industry.
Northern Territory Chief Minister, Eva Lawler, said, “The Territory Labor Government is securing the Northern Territory’s economic future through strategic partnerships.
“We are breaking through as a leader in the critical mineral sector and the Northern Territory Government is well placed to capitalise on the world’s need for our minerals.
“By strengthening our collaboration with key trading partners like South Korea, we will create more working opportunities for people right across the Northern Territory.”
Northern Territory Minister for Mining, Mark Monaghan, said, “South Korea is a key trading partner with the Territory and this agreement will see our government strengthen ties with a country double the population of Australia.
“The Northern Territory Government is ensuring the Territory’s critical minerals are front of mind for South Koreans, with investment promotion for private South Korean companies to come to the Northern Territory now under way.”
Image credit: Andy.LIU/Shutterstock.com.
