Korea, Bolivia sign lithium pact

By Lee Tae-hoon

Korea and Bolivia have signed an agreement to seek a closer partnership in developing the world’s largest lithium deposits in the mineral-rich South American country, a Cheong Wa Dae official said Thursday.

In the presence of the two countries’ leaders, the state-run Korea Resources Corporation and its Bolivian counterpart concluded a memorandum of understanding (MOU) on research and development of the lithium reserves in Uyuni.

Underneath the salt flats in Uyuni lie almost half of the world’s reserves of the element, estimated to be 5.4 million tons.

The pact proposes the establishment of a joint research group, a consortium of Korean companies and a pilot plant for processing lithium, a key raw material for rechargeable batteries, the official said.

“President Lee Myung-bak expressed appreciation for President Evo Morales’s interest in and support for participation by Korean businesses in the development of lithium mines in Bolivia,” the official said.

Morales arrived in Seoul Wednesday for summit talks with President Lee over ways to boost bilateral trade and cooperation.

He is the first Bolivian leader to visit Korea since the two nations forged diplomatic relations in 1965.

During the summit, Lee and Morales noted that the MOU would lay the foundation for full-fledged collaboration in the development of the mines.

Morales requested the Korean government to expand development cooperation projects for his country’s sustainable economic and social development.

In return, Lee said Korea will positively examine Bolivia’s inclusion into its Knowledge Sharing Program in 2011 and set the ceiling of the country’s economic development cooperation fund for the Latin American country at $250 million by 2014.

The Bolivian President expressed his intention to reopen the Bolivian Embassy in Seoul at the earliest possible date to further promote bilateral relations and provide support for Korean businesses operating in his country. Bolivia shut down its mission in 2000.

Morales also said the Bolivian government had decided to issue five-year multiple-entry visas for Korean businesspeople.

During his three-day stay through today, he will meet business leaders here and tour the research center and plants of LG Chem, one of the world’s largest producers of lithium-ion batteries.

leeth@koreatimes.co.kr