On the 18th (local time) in Paris, Korea Zinc Chairman Choi Yoon-beom said at the International Energy Agency (IEA) Ministerial Meeting, "Today's critical minerals market is overly concentrated in certain countries, and transparency and investment signals are being undermined by price distortions. To address this, more urgent cooperation is needed between governments of IEA member countries and industry."
Chairman Choi served as chair of the "Critical minerals supply chain" session, discussing the importance of diversifying supply chains and the need for international cooperation, and stated accordingly.
Following the 2024 meeting, Chairman Choi was invited to the IEA Ministerial Meeting for the second consecutive time, the only person among domestic corporations to do so. As Korea Zinc's strategic importance in the global critical minerals supply chain has grown, he also took on the role of chair this time.
The IEA Ministerial Meeting is a biennial event where key ministers from IEA member countries and invitees, as well as executives of major global energy corporations belonging to the Energy Business Council, participate to discuss pressing energy issues and medium- to long-term directions.
This year's meeting was held under the theme "Energy security, affordability and sustainability." The meeting particularly emphasized the importance of building an integrated industrial system encompassing mining, processing, refining, recycling, energy, and logistics, along with supporting and fostering the refining sector—processing and refining—which is the most vulnerable in the Western world. The chair was Sophie Hermans, Deputy Prime Minister and Minister of Climate and Green Growth of the Netherlands. From Korea, Vice Minister Lee Ho-hyun of the Ministry of Climate, Energy and Environment participated.
Taking part in the IEA Ministerial Meeting, Chairman Choi met with key figures including IEA Executive Director Fatih Birol to discuss tasks for diversifying the critical minerals supply chain.
Chairman Choi co-chaired with Minister Tim Hodgson of Canada's Department of Energy and Natural Resources, serving as a speaker for the opening and closing of the "Government-industry breakout session: Critical minerals supply chain." In his opening remarks, he stressed that critical minerals are essential resources for ensuring energy security and national security. He went on to emphasize the importance of international cooperation to resolve severe supply chain concentration stemming from overreliance on specific countries.
Chairman Choi said, "Korea Zinc plays a key role in transforming concentrates sourced from around the world into high-purity nonferrous metals that are essential materials for clean energy systems, electric vehicles, and the defense industry, and we see this not as a merely commercial responsibility but as a strategic duty to strengthen alliance-based supply chains."
He added, "The energy transition can succeed only when supply chains are secure, transparent, and economically sustainable, and Korea Zinc is ready to actively cooperate in building a more resilient and collaborative critical minerals supply chain."
The ensuing discussion focused on topics such as ▲ diversification ▲ resilience ▲ innovation ▲ international cooperation, and addressed ways to promote investment for diversifying the critical minerals supply chain and practical measures governments can take with industry to strengthen the resilience of mineral supply chains. Participants agreed on the need to bridge technology gaps and foster innovation. They further noted that, amid expanding export controls and rising supply disruption risks, it is necessary to strengthen emergency preparedness under tension through measures such as expanding stockpiles and conducting pre-drills.
As a solution, the IEA proposed establishing support platforms such as the Critical Minerals Security Programme (CMSP).
The IEA CMSP is a program that provides ▲ an emergency response platform related to supply disruptions and export controls ▲ technical support for building critical minerals stockpiling systems ▲ a critical minerals information dashboard for diversification ▲ policy support including price floors and tax incentives. It is currently operated for IEA member countries and provides support to private corporations as needed.
Chairman Choi said, "I hope the IEA, by expanding the CMSP, will broaden its role as a core international platform and move forward as an international organization leading the reorganization of the global supply chain, which is concentrated in some countries, and Korea and Korea Zinc will welcome continued dialogue and practical cooperation to come."