South Korea and Chile have signed five memorandums of understanding (MOUs), including a mineral resources partnership, to strengthen cooperation on lithium and copper supply chains and support investment across the critical minerals sector.
The agreements were signed during a summit between South Korean President Lee Jae-myung and Chilean President Jose Antonio Kast in Santiago on 30 July. The South Korea Chile Mineral Partnership establishes a long-term framework for cooperation spanning mineral exploration, processing, technology development and supply chain resilience.
Mineral Cooperation Expands Across the Lithium and Copper Value Chain
Under the mineral resources MOU, the two governments agreed to elevate their Joint Committee on Mineral Resources Partnership to the ministerial level while creating a new director-general-level working channel to improve coordination.
The enhanced South Korea Chile Mineral Partnership will support collaboration throughout the lithium and copper value chain, covering exploration, mine development, mineral processing, technology cooperation and workforce exchanges.
According to the South Korean government, the agreement is expected to improve the stability of annual critical mineral imports from Chile, valued at approximately US$2.1 billion. The framework is also intended to provide institutional support for Korean mining, battery and manufacturing companies seeking to expand their operations in Chile.
Investment Agreements Support Critical Minerals Industries
Alongside the mineral partnership, both countries signed an investment cooperation MOU designed to encourage greater two-way investment, facilitate business delegations and improve the exchange of investment information.
The initiative is expected to strengthen cooperation in industries that rely heavily on secure supplies of critical minerals, including battery manufacturing, semiconductors and advanced industrial technologies.
The South Korea Chile Mineral Partnership also complements broader efforts by both governments to build more resilient supply chains for minerals that are increasingly important to the global energy transition.
Alongside the South Korea Chile Mineral Partnership, South Korea and Chile signed additional memorandums of understanding covering investment, public safety, maritime safety and polar research, although the mineral partnership remains the key agreement supporting critical minerals cooperation.