KIGAM and Kazgeology Signed MOU on Mineral Resources Exploration
- Nameadmin
- Date2016/11/22 00:00
- Hit448
Korea Institute of Geoscience and Mineral Resources (Dr. Joong-Ho Synn, the President of KIGAM), signed MOU with the Kazgeology* (Mr. Galym Nurzhanov, the Chairman of the Board of Kazgeology JSC) at Lotte Hotel, Seoul in November 10, 2016. The MOU was signed to establish and develop mutually beneficial cooperation in the exploration field of Kazakhstan and in the establishment of geological cluster in Kazakhstan. * Kazgeology : A national geological exploration company in Kazakhstan, dealing with reproduction of mineral resources base of the country, attraction of investments to mineral exploration in Kazakhstan and development, introduction of new knowledge-intensive and efficient technologies to the geological field.
The main purpose of the MOU is to jointly discover promising lithium mineralized zones in Kazakhstan. Based on the MOU, Kazgeology will provide related information such as reserve reports and drilling reports released during the former Soviet Union, while KIGAM will discover promising lithium-bearing zones by re-estimation of reserves and field survey. The further cooperation with domestic industries of resource development is also expected in acquiring additional lithium reserves through joint exploration and producing lithium carbonate and lithium hydroxide. In addition, KIGAM will provide advice on the establishment of geological cluster which Kazakhstan currently plans by sharing its skills and experiences. The two organizations promised to cooperate continuously through the exchange of researchers, joint seminars and workshops.
Kazakhstan is well-known for its rich mineral resources including lithium. As the global demand for electric cars is increasing, the price for lithium – main material of the battery - is soaring. Accordingly, manufacturers producing electric cars or secondary(rechargeable) batteries in the United States, China or elsewhere strive to acquire mine lots in order to secure sufficient supply of lithium. In this regard, the cooperation with Kazgeololgy will contribute to acquisition of strategic mineral resources for Korea, the world’s largest importer of lithium carbonate.