Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Canada, South Korea seek deeper cooperation on critical minerals

Commodities Sep 23, 2022 05:56PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. South Korean President Yoon Suk-yeol and Canada's Prime Minister Justin Trudeau arrive to a news conference in Ottawa, Ontario, Canada September 23, 2022. REUTERS/Blair Gable 2/2

By Steve Scherer

OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau and South Korean President Yoon Suk-yeol on Friday agreed to deepen cooperation on critical minerals used in electric vehicles (EVs) batteries as both countries seek to cut emissions to fight climate change.

Yoon visited London for the funeral of Queen Elizabeth, and then New York in his first U.S. trip to attend the U.N. General Assembly, before arriving in Canada on Thursday. On Friday, Yoon met Trudeau in Ottawa, and then they both spoke to reporters.

"Yoon and I discussed ways to collaborate in a variety of areas, including essential minerals, batteries for electric vehicles, and emerging technologies, including AI (artificial intelligence)," Trudeau told reporters.

Canada has many of the critical minerals - like lithium, cobalt and nickel - that are now used to make batteries for EVs, and the government is in the process of seeking to help producers and processors scale up production.

"Canada, as a global leader in the production of minerals, and Korea, a major semiconductor and battery maker - each play crucial roles in global supply chains," Yoon said through an interpreter.

"The governments and businesses of our two nations will work together for the mineral resources sector to build a cooperative architecture... to respond to the shocks resulting from the changing world order," Yoon added.

China is currently by far the dominant global supplier of critical minerals used in EVs. Yoon said it was strategically important for both countries to find an alternative supplier.

Canada and South Korea are already cooperating in the sector, Trudeau pointed out.

In March, Stellantis, the parent of Jeep and Chrysler, said it would build an EV battery plant in a joint venture with South Korea's LG Energy Solution in Windsor, across the border from Detroit.

In a joint statement, the two countries said they agreed to deepen their "strategic partnership on supply chain resiliency" and would seek to position themselves as "competitive players in the critical minerals supply chain and battery and EV value chains".

To that end, both countries agreed to develop a memorandum of understanding in the coming months to "support clean energy transition and energy security, including with respect to critical minerals".

Canada, South Korea seek deeper cooperation on critical minerals
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email