KT to collaborate with Mongolia's Monnis Group in rare earth mining area
Seung-Woo Lee
Feb 01, 2023 (Gmt+09:00)
Chuluunbaatar Baz, chairman of Mongolia Monnis Group(left) and Moon Seong-wook, head of KT's global business office 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.
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.