On June 27, 2023, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez held the first-ever U.S.-Mongolia-Republic of Korea (ROK) Critical Minerals Dialogue with Mongolian Minister of Mining and Heavy Industry Ganbaatar Jambal and Republic of Korea 2nd Vice Minister of Foreign Affairs Lee Do-hoon in Ulaanbaatar. Through the U.S.-Mongolia-ROK Critical Minerals Dialogue, the three governments advanced information exchange and collaboration on critical mineral supply chains.
The dialogue featured both public-private and government-to-government sessions. During the first session, company and industry association representatives exchanged information about the status and potential of Mongolia's mineral resource sector as well as about global commodity market trends and investment. In the government-to-government session, the three parties highlighted the importance and potential role Mongolia could play in meeting the world's critical mineral needs. Each side provided views on critical minerals challenges and opportunities, and the parties discussed streamlining coordination, deepening information exchange, and implementing joint initiatives and projects. The three sides agreed that experts from each government would follow up on the dialogue's key themes to pursue strategic opportunities.
This trilateral convening is just one example of diplomatic efforts by the United States to engage partner countries to achieve more secure and resilient supply chains around the globe. It is imperative that we come together to strengthen cooperation on shared economic, national security, and clean energy goals. Demand for critical minerals, which are essential for clean energy and other technologies, will expand significantly in the coming decades. Through initiatives like the Minerals Security Partnership (MSP), of which the ROK is a leading partner, the United States supports countries in realizing the full economic development benefit of their geological endowments. This is done through catalyzing investment in the critical minerals sector via government and private sector efforts to secure strategic opportunities - across the full value chain - that adhere to the highest environmental, social, and governance standards.
