KT to collaborate with Mongolia's Monnis Group in rare earth mining area

Mongolia produces about 80 kinds of mineral resources such as copper, fluorite, iron and zinc

Chuluunbaatar Baz, chairman of Mongolia Monnis Group(left) and Moon Seong-wook, head of KT's global business office
Chuluunbaatar Baz, chairman of Mongolia Monnis Group(left) and Moon Seong-wook, head of KT's global business office
Seung-Woo Lee 1
2023-02-01 16:03:19 leeswoo@hankyung.com
Tech, Media & Telecom

South Korea's telecom operator KT Corp. said on Wednesday that it has signed a memorandum of understanding (MOU) with Mongolia's Monnis Group for cooperation in the rare earth mining business.

Monnis Group holds rare earth mining licenses in Mongolia.

Earlier on Jan. 26, KT had signed an agreement with the Mongolian Ministry of Mining and Heavy Industry for mineral resources supply.

Mongolia produces about 80 kinds of mineral resources such as copper, fluorite, gold, iron, and zinc, as well as rare earth elements accounting for 16% of the world's reserves.

"We will work hard to be in Korea's best interest through continuous cooperation with the government and industries that need mineral resources," said Moon Seong-wook, head of KT's global business office.

Write to Seung-Woo Lee at leeswoo@hankyung.com
#KT #Monnis Group #rare earth elements #mineral resources #korea kt mongolia #kt mongolia rare earth mining

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