Promoting the Securing of Overseas Resources and Supply Chain Stabilization for Gold, Copper, and Rare Earth Elements
Professor Kwon Sang-ki (from the left), Head of Department Seo Jeong-hoon, CEO Oh Seok-min, and Vice President Ahn Jong-beom of Freegood Co., Ltd. are taking a commemorative photo after signing the agreement ceremony. 2022.3.11 [Photo by Inha University]
[Asia Economy Reporter Park Hyesook] Inha University is embarking on a technical research project for mining development in Mongolia.
Inha University announced on the 13th that its Department of Energy Resources Engineering and Freegood Co., Ltd. have signed a business agreement for joint technical research on the development of the Undur Naran mine in Mongolia.
Both parties agreed to cooperate in securing minerals necessary for domestic industries, such as rare earth elements, copper, and gold deposited in the Undur Naran mine in Mongolia, and to exchange data and information related to the development.
They will also promote technical research necessary for mining development, foster specialized personnel, and implement educational programs through the mine.
Freegood acquired the Undur Naran mine in Mongolia in 2009, which is known to have large deposits of copper and gold. Currently, all gold produced from mining is sold to China.
Additionally, they plan to conduct further exploration of three gold deposits and rare earth elements within the mine that have not yet been surveyed to secure additional reserves. It is estimated that an additional 10 to 30 tons of gold can be secured.
Freegood has received exploration proposals for copper and rare earth deposits from Rio Tinto, a major global resource company, and is reviewing technical exchanges.
Inha University is undertaking technical research on Mongolian mine development with the aim of contributing to the stabilization of domestic raw material supply. In particular, joint research on rare earth development is being planned.
Rare earth elements have no substitutes and have a significantly lower recycling rate compared to other resources. Since they are produced and supplied only by a few countries such as China, they are considered strategically very important resources.
Seo Jeong-hoon, head of the Department of Energy Resources Engineering at Inha University, said, "Through this agreement, we have agreed to mutually cooperate to secure overseas resources and stabilize supply chains for our companies," adding, "We will create a model of industry-academia cooperation that will serve as an example in resource development and technical research through Mongolian mine development."
Oh Seok-min, CEO of Freegood, said, "Through this agreement, we can focus more on high value-added technology development, which was lacking in Mongolian mine development," and expressed expectations that "customized on-site education will also greatly help secure the necessary workforce."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
