Officials from the US and Mongolia discussed “creative ways” to help the landlocked country export critical minerals, Reuters reported on Friday, citing a US State Department official. The official told reporters that both Mongolian PM L. Oyun-Erdene and US Secretary of State Antony Blinken explored ways to follow up on a MoU signed in June for a collaboration on critical minerals. He also met with US Vice President Kamala Harris in Washington to discuss strengthening cooperation on mining rare earth minerals. "The many discussions that we've had over the last few days were talking about specific areas where we can help Mongolia understand what it has, ways where it can extract it, and ways where it can produce it," the official said.

Opening up the skies? The official said the East Asian country’s national carrier MIAT Mongolian Airlines would be allowed to fly direct to an undecided US airport by next year. This comes under an “Open Skies” civil aviation agreement signed between Blinken and Oyun-Erdene on Friday.

REMEMBER- The US is trying to rival China's dominance in rare earth metals which last year accounted for over 70%of the world's rare earth production. They are essential for high-tech uses in the US, including defense equipment and electric vehicles.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UK + Zambia sign clean energy agreement: The UK has signed agreements with Zambia on clean energy and critical minerals that could generate GBP 2.5 bn in British private sector investments and GBP 500 mn in government-backed investments. (Statement)
  • India removes restrictions on lithium mining: India has passed a law allowing the auction and mining of lithium and other rare earth minerals that are critical to EV battery production, which will allow the country to benefit from newfound reserves of precious metals. (Reuters)
  • Chinese solar giant expects profit surge: China’s largest solar panel manufacturer LONGi is projecting a 41.6% rise in its net income for 1H 2023 as China ramps up its domestic solar installation capacity. (Bloomberg)
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