The declaration brings Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan into a new regional framework with South Korea. The leaders agreed to institutionalise the partnership through biennial summits and regular ministerial-level consultations, creating a mechanism for practical cooperation in areas including industry, supply chains and critical minerals.

Korea Central Asia Critical Minerals Cooperation Takes Shape

Critical minerals feature prominently in the economic cooperation agenda outlined in the Seoul Declaration. The leaders said Central Asia’s resources could contribute to supply-chain diversification and economic security, while calling for closer links between the region’s mineral resources and South Korea’s advanced technologies.

The declaration also calls for the development of joint value-added production chains. This expands the Korea Central Asia Critical Minerals focus beyond the supply of raw materials to cooperation linked to processing and downstream industrial activity.

Alongside the declaration, the six countries launched an industrial ministers’ consultative mechanism and signed a memorandum of understanding covering industrial and supply-chain cooperation. The framework is intended to strengthen coordination in areas where the countries can combine their industrial capabilities, technological expertise and natural resources.

For the mining sector, the focus on critical minerals places mineral supply chains within a wider industrial strategy involving technology, manufacturing and economic security. However, the agreement does not announce a specific mine, processing facility, investment amount or production target.

Supply Chain Development Shapes the Regional Mining Agenda

The Korea Central Asia Critical Minerals framework forms part of a wider effort to strengthen economic connections between South Korea and Central Asia. The summit also highlighted cooperation in innovation, energy, connectivity and technology, with supply-chain resilience identified as an area for future engagement.

South Korea has sought to strengthen regional cooperation through the Korea-Central Asia Cooperation Forum, established in 2007 and later elevated to the foreign ministerial level. The latest summit moves that framework to the leaders’ level, with Kazakhstan due to host the next summit in Astana in 2028.

The declaration provides a long-term structure for cooperation, while implementation will depend on subsequent consultations and individual projects. For Korea Central Asia Critical Minerals cooperation, the stated objective is to connect Central Asia’s resource base with Korean technology and develop value-added chains that can support broader industrial development.

The current framework therefore establishes a basis for future cooperation rather than confirming specific mining developments, processing projects or investment commitments. The Korea Central Asia Critical Minerals agenda will depend on how the participating countries translate the agreed framework into individual initiatives and projects.

The shares are being transferred by Bayan Resources President Director Low Tuck Kwong and his daughter Elaine Low, who together hold the largest shareholdings in the company. The purchase price for the 30 percent strategic stake has not been disclosed, and the transaction remains subject to conditions precedent that have not been publicly detailed. Because completion depends on those conditions, the Bayan Resources acquisition has not been finalized.

Earlier in September, it was reported that Andi Syamsuddin Arsyad had made a separate US$3 billion cash offer for a 62 percent stake in the coal producer. That earlier reported offer is distinct from the current conditional agreement covering 30 percent of shares, and no public confirmation has linked the two as parts of a single transaction.

Scale of the Businesses Involved

The conditional agreement brings together two significant operators in the Indonesian coal sector. Jhonlin Group, the broader business group controlled by Andi Syamsuddin Arsyad, requested a mining quota of 60 million tonnes for 2026. Bayan Resources, meanwhile, produced approximately 68 million tonnes in 2025, establishing it as a major thermal coal exporter. Those production figures illustrate the substantial scale of both businesses, though the current Bayan Resources acquisition agreement covers a 30 percent strategic stake rather than operational control or a merger of the two companies’ mining activities.

Bayan Resources was founded by Low Tuck Kwong, who built the company into one of Indonesia’s most prominent coal producers. The potential transfer of a significant portion of shares held by Low and his daughter to Jhonlin Baratama represents a notable development in coal ownership at one of the country’s leading exporters.

Regulatory Context and Industry Background

Indonesia is the world’s largest exporter of thermal coal, and developments among its top producers carry weight across the broader market. Earlier in 2026, the Indonesian government cut Bayan’s production quota, a decision that led the company to declare force majeure. Other major coal producers in the country were largely spared from those enforced output reductions. While that regulatory backdrop is relevant context for the operating environment Bayan faces, the current conditional agreement between Jhonlin Baratama and the Low family shareholders stands as a separate corporate development.

The Bayan Resources acquisition agreement, should it reach completion, would mark one of the more significant changes in coal ownership among top-tier Indonesian thermal coal producers. Market attention is expected to focus on the conditions attached to the share transfer and the final terms once they are disclosed. At this stage, the transaction remains conditional, and no further details on pricing or the specific conditions precedent have been made public.

Scale and Composition of New Mineral Deposits from Strategic Mineral Exploration

The 200 newly identified mineral deposits span a wide range of sizes and commodity types. Of the total, 63 were classified as large-scale, 57 as medium-scale and 80 as small-scale. Gold topped the list with 16 new discoveries, followed by iron ore with 11. Coal accounted for nine new deposits, while manganese and lithium each contributed eight discoveries.

The breadth of these findings reflects a deliberate push to diversify the range of strategic minerals being targeted through geological exploration. The fifth straight year of rising investment in exploration signals that government-backed funding for mineral resources identification remains a central priority in China’s broader resource security agenda. By directing capital consistently toward exploration, authorities have ensured a pipeline of newly verified deposits across minerals considered vital for industrial and energy applications.

Gold and iron ore leading the discovery count is notable, but the inclusion of lithium and manganese among the top categories also points to the growing focus on minerals tied to battery production and clean energy technologies. These results reinforce the role of strategic mineral exploration in shaping the country’s long-term resource availability.

Strategic Minerals and Continued Exploration Progress

Looking at the broader five-year window, the 14th Five-Year Plan period from 2021 to 2025 saw the discovery of 398 medium-to-large strategic mineral deposits. This figure includes 225 oil and gas fields, meaning 173 of those discoveries fell within the non-oil and gas category. By the end of the planning period, China ranked first globally in reserves of 14 minerals, among them rare earths, tungsten, tin and molybdenum. The country also placed among the top four worldwide for nine additional minerals, including coal, iron, manganese and titanium.

Technological innovation has played a meaningful role in enabling these outcomes. The Ministry of Natural Resources highlighted advances in exploration technology and equipment, along with landmark results in deep mineral exploration, national resource assessment and metallogenic research. Over the past year alone, four national standards and 55 industry standards were published to support continued mining development and resource evaluation.

Institutional reform has reinforced these technical gains. A revised Mineral Resources Law, along with its implementing regulation, was enacted in 2025. The legislation was designed to strengthen resource security, promote rational development and utilization of mineral resources, protect the legitimate rights of mining rights holders and advance high-quality mining development.

China’s sustained investment in strategic mineral exploration and the steady flow of new mineral deposits confirmed over consecutive years point to a resource identification programme that continues to deliver measurable results across a range of critical commodities.

According to a regulatory filing, the contract is valued at 4.697 trillion won, equivalent to 43.13 percent of HMM’s consolidated revenue of 10.89 trillion won in 2025. The agreement runs from April 1, 2030, through October 31, 2056, with each vessel beginning its individual 25-year contract period upon entering service. Vale also holds an option to extend the arrangement by up to five years beyond the initial term.

Eight Newcastlemax Bulk Carriers With Next-Generation Fuel Capability

HMM had announced in June that it would order eight 210,000-tonne Newcastlemax vessels specifically for this long-term shipping contract. These bulk carriers will feature the world’s first engines capable of running on methanol, ethanol and conventional fuel oil. The ships are also being built as LNG- and ammonia-ready, meaning they can be converted to liquefied natural gas or ammonia propulsion in the future.

In addition to their multi-fuel capability, the Newcastlemax vessels will carry rotor sails designed to harness wind energy and supplement engine propulsion. These features are part of a broader package of equipment aimed at improving fuel efficiency and reducing carbon emissions across the fleet.

Under the terms of the HMM Vale shipping contract, the bulk carriers will transport cargo primarily between Brazil and destinations including China. Payments will be made within 10 business days after loading for each voyage. HMM noted that the final contract value could change depending on exchange rates, fuel prices, shipping routes and vessel operating days.

Third Major Long-Term Agreement Between HMM and Vale

The latest deal marks the third major long-term shipping contract between HMM and Vale. The two earlier agreements, signed in May and September of last year, were 10-year deals worth a combined 1.07 trillion won. The progression from those initial arrangements to the current 25-year commitment reflects the deepening commercial relationship between the South Korean carrier and the Brazilian mining company.

The HMM Vale shipping contract is part of a broader strategic effort by HMM to reduce its dependence on volatile container freight rates. Since CEO Choi Won-hyuk took office at the end of March last year, the carrier has focused on streamlining its bulk shipping fleet, reducing reliance on short-term chartered vessels and securing more long-term cargo commitments with large, creditworthy cargo owners.

HMM’s bulk division posted operating profit of 240 billion won in the first half of this year, extending a sharp improvement that began in the fourth quarter of 2025. The company has also broadened its non-container portfolio beyond conventional dry bulk carriers and tankers into liquefied-gas carriers, pure car and truck carriers and multipurpose vessels. Its bulk fleet expanded to 61 vessels as of the first half of this year from 44 at the end of March 2025.

“HMM will continue strengthening its stable earnings base by expanding the share of long-term contracts and restructuring its business portfolio, while expanding businesses centered on high profitability and future growth,” a company official said.

The scope of work is structured around a connected “cave to concentrate” programme, linking underground mining operations with processing and supporting infrastructure across both sites. For Olympic Dam, the potential work includes block cave development and associated infrastructure. At Carrapateena, the scope covers the potential expansion of underground operations and processing infrastructure. Worley will deliver study and EPCM services concurrently across these project phases, supporting the design and planning work required to advance the South Australia copper projects toward readiness for a final investment decision.

Olympic Dam and Carrapateena Expansion Scope

The contracts awarded to Worley reflect the scale and complexity of what BHP envisions for its copper operations in South Australia. At Olympic Dam, one of the world’s largest known copper ore bodies, the potential block cave development represents a significant component of BHP’s longer-term copper production growth ambitions. Block caving is a large-scale underground mining method that requires extensive planning, engineering and infrastructure development before operations can begin.

At Carrapateena, the potential expansion of underground operations and processing infrastructure would build on the existing mine, which has been operating since 2019. The EPCM services being delivered cover study work and early-phase activities that are essential for defining project parameters, engineering requirements and infrastructure needs across both locations.

It is important to note that while initial EPCM services have commenced for early-phase activities, neither the Olympic Dam nor the Carrapateena expansion has received a final investment decision from BHP. The projects remain in study and planning stages.

Advancing Copper Production Growth Plans

The South Australia copper projects form a central part of BHP’s plans to sustainably grow copper production in the region. By awarding study and EPCM services contracts that cover underground mining, processing and infrastructure concurrently across multiple phases, BHP is progressing the engineering and planning work needed to evaluate these potential expansions comprehensively.

The programme structure, connecting cave development through to concentrate production, reflects the integrated nature of the work required across both sites. Worley’s role encompasses the study and EPCM services that support this planning across Olympic Dam and Carrapateena simultaneously.

As copper demand continues to be driven by global electrification and energy transition requirements, BHP’s advancement of these South Australia copper assets through study and EPCM stages represents measured progress in its growth strategy. The work advances the projects through their current phases while final investment decisions on both the Olympic Dam and Carrapateena expansions remain outstanding.

The agreement builds on a series of orders received from Lloyds Metals over the past two years, reflecting the continued development of a strong, long-term partnership between the two companies.

FLSmidth Signs Lifecycle Agreement With Lloyds Metals

LMEL operates the single largest iron ore mining operation in India and is currently in the process of significantly scaling its production and processing capacities. The FLSmidth lifecycle agreement reflects a shared commitment between the two companies to drive operational excellence and support the responsible development of India’s mining industry.

As part of the lifecycle partnership, FLSmidth will provide a dedicated on-site team alongside a bespoke maintenance programme tailored to LMEL’s operations. The agreement also includes a continuous learning programme for long-term upskilling, operations readiness training and on-site management of consumables and spare parts. All of these elements are aimed at maximising mining equipment uptime and reliability as LMEL’s operations scale up.

New Repair Centre to Support Mining Operations

As part of the broader partnership, FLSmidth and Lloyds Metals are also developing a new repair centre. The facility is intended to bring advanced repair and service capability closer to the installed equipment base, supporting faster response times, improved availability and long-term asset performance.

The repair centre forms a key part of the FLSmidth lifecycle agreement, reinforcing the company’s approach to supporting customers across the full lifecycle of their operations. For LMEL, operating the single largest iron ore mining site in India, having localised repair capability is expected to deliver meaningful improvements in equipment availability across its expanding operations.

Partnership Targets Equipment Uptime and Reliability

Alanas Kraujalis, interim President of the Service Business Line at FLSmidth, commented on the agreement. “We are pleased to enter this agreement with Lloyds Metals and Energy Limited. To be entrusted as a long-term partner for a company of LMEL’s scale and ambition is a testament to the expertise and dedication of our teams, and to the value our lifecycle approach delivers for customers,” he said.

Kraujalis added that the company looks forward to working closely with LMEL to keep their plant’s mining equipment performing at its best, supporting their growth and contributing to the continued advancement of iron ore mining in India.

The FLSmidth lifecycle agreement underscores the growing importance of comprehensive service partnerships in the mining sector, particularly as operators like Lloyds Metals expand their production footprint and require sustained equipment reliability at scale.

The project is backed by a long-term energy supply agreement with Ernest Henry Mining, a wholly owned subsidiary of Evolution Mining. The agreement will run through to mid-2046, providing Ernest Henry Mining with a reliable and diversified energy supply over the coming decades.

Evolution Mining’s Ernest Henry Gets New Mine Energy Infrastructure

Under the terms of the deal, APA Group’s existing Diamantina Power Station, a gas-fired facility in the Mount Isa region, will provide firming capacity alongside the new solar and battery storage assets. This arrangement is expected to support greater operational efficiencies at the Diamantina facility while broadening APA Group’s customer base in Mount Isa.

Construction of the Sybella Creek Solar Farm and the battery energy storage system is expected to begin in late 2026, with completion targeted for mid-2028. The project has not yet started construction, and the assets are not yet operational.

For Evolution Mining and Ernest Henry Mining, the agreement secures dedicated mine energy infrastructure combining renewable generation, battery storage and existing gas capacity under a single long-term supply contract.

104MWh Battery Supports Mine Power Supply

The 52MW/104MWh battery energy storage system will play a central role in firming the output of the 72MW solar farm. Paired with the gas-fired Diamantina Power Station, this combination of technologies is intended to deliver a more stable and efficient energy supply to the mine.

Ernest Henry Mining operates a significant copper-gold operation near Cloncurry in Queensland’s North West Minerals Province. The region has historically relied on islanded diesel and gas generation because it lacks a connection to the National Electricity Market.

That connection was originally intended to come through CopperString, a proposed 1,100km transmission line from Townsville to Mount Isa. However, cost estimates escalated from AU$1.8 billion to more than AU$13.6 billion under the previous state government. The current Queensland government scaled back the project, splitting it into an Eastern Link targeted for 2032 and a Western Link that remains under assessment with no confirmed construction commitment.

In response, Queensland established the AU$200 million North West Energy Fund, managed by Queensland Investment Corporation, to support localised energy solutions while the Western Link’s future remains unresolved. The fund’s approach requires proposals to stand on their own commercially, independent of whether the Western Link proceeds, with battery storage and other firming technologies expected to play a central role.

Queensland Project Combines Solar, Storage and Gas

The Sybella Creek project is not funded through the North West Energy Fund. However, it sits within the same broader effort to bring more reliable and cost-effective power to the region’s mining sector ahead of any grid connection. The project pairs new renewable generation and storage with existing gas infrastructure to serve a single large industrial customer under a long-term agreement.

This mine energy infrastructure approach reflects the practical reality facing mining operations in remote parts of Queensland. Without access to the national grid, operators like Evolution Mining must secure dedicated power solutions that balance cost, reliability and long-term supply certainty.

The combination of solar generation, a battery energy storage system and gas firming at Sybella Creek offers a model that other mining operations in the North West Minerals Province may look to replicate as the region’s energy landscape continues to develop.

The proceeds of the loan will be used for general working capital, according to Korea Eximbank. In return, Glencore has agreed to supply copper to Korean companies during the loan period, though the bank did not disclose specific volumes or further details of the supply arrangement.

Korea Eximbank Links $1B Financing to Copper Supply

The financing reflects South Korea’s broader push to strengthen its copper supply chain at a time of rising global demand for the metal. South Korea is heavily reliant on imports of copper, which is used across power grids, data centres and renewable energy equipment. Electricity, telecommunications, construction, machinery and transportation industries all depend on the material.

An Eximbank official said in the statement that the financing and partnership with a company that has established a unique position in the global commodities market would help secure a stable supply of key materials for Korea’s advanced-industry supply chains. The bank framed the deal as a form of economic-security and supply-chain policy financing.

Glencore to Supply Copper to Korean Companies

Glencore is one of the world’s biggest copper miners and commodity traders, operating mines and smelting facilities that produce copper, zinc and nickel. Its trading arm gives the company the ability to source and deliver physical commodities at scale, which underpins its agreement to supply copper to Korean firms under this financing arrangement.

The company did not immediately respond to a request for comment outside of regular business hours.

Copper demand has been boosted by the rapid expansion of AI data centres and rising electricity consumption worldwide. The metal has jumped around 15% this year and is trading near a record high, driven by its essential role in power infrastructure and digital connectivity.

Financing Targets Strategic Copper Supply Security

For South Korea, the deal addresses a clear vulnerability. The country’s advanced industries require large and reliable volumes of copper, yet it produces very little domestically. Strengthening the copper supply base through financing arrangements with major global producers is a practical route to reducing procurement risk.

Korea Eximbank’s decision to link working-capital financing to a copper supply commitment from Glencore shows how resource-importing nations are using financial tools to lock in access to critical materials. The copper supply chain has become a strategic concern for countries investing heavily in AI infrastructure, energy transition and grid modernisation.

The arrangement positions Korea Eximbank as an active player in securing mineral supply chains, while giving Glencore access to substantial working capital to support its global operations.