South Korean telecommunications giant KT Corp signed a partnership deal with the Mongolian government to secure a stable supply of some 80 kinds of mineral resources, including rare earth elements.

Under the agreement, KT laid a stable foundation for preferentially supplying Mongolia’s various mineral resources to other industries in Korea. The company will discuss with the South Korean government and Korean industry circles more specific plans for the supply of resources.

Mongolia is one of the world’s leading suppliers of mineral resources. It has some 80 kinds of mineral deposits, including rare earth elements, copper, fluorite, gold, iron and zinc. The country’s deposits of rare earth elements accounted for about 16 percent of global reserves. Rare earth elements are important mineral resources and are used in various future-value industries such as new and renewable energy, electrical products and automobile parts.