Africa to supply minerals to South Korea

African leaders gathering in Seoul on Tuesday agreed to ensure an organised, stable supply of minerals to South Korea, enabling the Asian country new entry to critical raw material for energy transition.

The assurance was provided in a joint declaration between leaders of South Korea and counterparts or representatives from 48 countries attending the Korea-Africa Summit.

Under the arrangement announced by Korean President Yoon Suk Yeol and Mauritanian counterpart Mohamed Ould Ghazouani as AU Chairperson, the two sides will launch a high-level dialogue through which to discuss the supply from Africa’s mineral-rich countries.

Those discussions will also decide how Korean firms can invest in the mineral extraction sectors and how to add value to the products.

“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa. In addition, we share a common view on enhancing cooperative efforts to ensure the stable supply of critical minerals and promote technology collaboration related to critical minerals on mutually agreed terms.”

Koreans called for this Summit, coming late to the party of other major world powers who have been securing similar arrangements.

But Seoul said its bid was collaborative and will serve as  “a model example of sustainable development of global mineral resource.”

The promise to provide a new kind of arrangement for minerals in Africa sounded enticing for a continent that has often complained of exploitation. But Koreans were also short of what African leaders demanded. — The East African.

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