KT, Rare Earth Supply Speed... Partners with Mongolia's Monnis Group

[Asia Economy Reporter Oh Su-yeon] KT announced on the 1st that it signed a Memorandum of Understanding (MOU) for rare earth mineral business cooperation with Mongolia's Monnis Group in Ulaanbaatar, the capital of Mongolia.

The MOU for rare earth mineral business cooperation held at Monnis headquarters was attended by Moon Sung-wook, Head of KT Global Business Office, and Chuluunbaatar Baz, Chairman of Mongolia's Monnis Group.

Munsung Wook, Head of KT Global Business Division (right), and Chuluunbaatar Baz, Chairman of Mongolia Monnis Group (left), are posing for a commemorative photo after signing a business agreement for cooperation in the rare earth minerals business.
[Photo by KT]

Monnis Group, established in 1998, is a company actively engaged in six business sectors including automobiles, mining, heavy equipment, civil engineering, aviation, and trade. It is one of Mongolia's major conglomerates with an annual sales volume of approximately 500 billion KRW. In particular, it holds a rare earth mining license in Mongolia, making it a key company in mineral resource development and mining.

Through this MOU, KT will be able to utilize the mineral resource development and mining licenses held by Mongolia's Monnis Group. Following the MOU signed on the 26th of last month with Mongolia's Ministry of Mining and Heavy Industry for the domestic supply of Mongolian mineral resources including rare earths, it is expected to accelerate the supply of rare earths domestically.

Moon Sung-wook, Head of KT Global Business Office, stated, "Thanks to the efforts of our government, including the Ministry of Foreign Affairs, for securing Mongolian resources and the friendly diplomatic relations between the two countries, we are now able to actively proceed with follow-up work for resource supply such as the MOU with Monnis Group," adding, "We will do our best to contribute not only to the development of other industries but also to the advancement of the Republic of Korea through continuous cooperation with the government and industries requiring mineral resources."