Strategic Approaches to Critical Minerals and Korea-Africa Cooperation

Seoni Han
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Seoni Han: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)

No 25-22, World Economy Brief from Korea Institute for International Economic Policy

Abstract: The global green transition has intensified competition for critical minerals essential to renewable energy and electric vehicles, which require significantly more minerals than traditional technologies. The demand for critical minerals such as lithium, cobalt, nickel, graphite, and rare earth elements has surged, leading to supply chain vulnerabilities due to the concentration of production and processing in a few countries.

Africa, with its abundant mineral reserves, is emerging as a key player in global supply chains of critical minerals, possessing about 20% of the world’s reserves needed for green transition. Many African governments are reforming mining laws to enhance state control while offering incentives to attract investment. In response, major global players such as the US., the EU, China, Japan, and Canada are increasing cooperation with Africa, each adopting distinctive strategies to secure supply chains.

In its partnership with Africa, Korea should pursue a comprehensive strategy across the critical mineral value chains, ensuring ESG compliance, and promoting industrial cooperation aimed at upgrading local processing capabilities. Three key strategies are recommended: (1) tailoring cooperation to Africa’s evolving policy context and infrastructure needs; (2) strengthening resource diplomacy and enhancing multilateral and bilateral cooperation through platforms such as the Korea-Africa Critical Minerals Dialogue; and (3) expanding financial and non-financial support to promote greater private sector engagement.

Keywords: critical minerals; Africa (search for similar items in EconPapers)
Pages: 8
Date: 2025-07-28
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