Central Asian Critical Minerals and Korea: Where Value Is Created

Key takeaway

Korea is entering the race for Central Asia’s critical minerals later than the US, the EU, China and Japan, and its real advantage is processing technology, not capital. The greatest value will therefore be created not in mining, but in downstream processing projects within the region, where Korean technologies align with governments’ requirements to process raw materials locally and international financial institutions’ priority of value addition.

Three arguments:

1. The market is already competitive. The US launched the C5+1 critical minerals dialogue in 2024, the EU has raw materials partnerships with Kazakhstan and Uzbekistan, and Chinese companies already operate assets in the region (Times of Central Asia). Korea needs its own niche rather than direct competition for deposits.
2. Korea offers technology, not just money. Seoul proposed combining the region’s resources with Korean exploration, processing and manufacturing technologies, while rare metals centres are intended to support joint research and training.
3. Financial institutions are already active in the sector. In 2024, EBRD invested 3 million euros in the Sarytogan graphite project in Kazakhstan, while the US DFC is considering up to $700 million for the North Katpar tungsten project. Bankable projects in the sector are securing financing.

Why minerals have become central to the agenda

At the September summit in Seoul, minerals became the common denominator for all six countries: each of the three stakeholder groups has distinct but compatible interests.

In addition, the industry ministers of Korea and the five countries signed an MOU on industry and supply chains and established a permanent consultative body — a platform through which specific projects will be channelled.

Opportunity map by country

Uzbekistan and Kazakhstan lead in readiness, while Kyrgyzstan and Tajikistan offer a more open window for new entrants. Turkmenistan is not yet part of the minerals agenda with Korea.

Rationale for the scores:

• Uzbekistan (4,2): a joint rare metals centre, a financing mechanism through KEXIM and the president’s proposal to establish an investment alliance with processing clusters.
• Kazakhstan (4,0): the largest resource base and presidential-level support, but EBRD, the US DFC and Chinese companies are already active in the sector — competition for assets is greater.
• Kyrgyzstan (3,4): joint identification of antimony and tungsten projects is only beginning: the window is open, but readiness is low.
• Tajikistan (3,2): the first minerals forum with Korea took place in August 2026; scale and infrastructure remain limited.
• Turkmenistan (1,8): there are no minerals projects with Korea; the investment protection agreement provides a foundation for the future.

The score on a 1–5 scale represents Hibiscus Partners’ expert opinion, reflecting political support, scale, alignment with international financial institutions’ mandates, readiness and the entry window. Country facts: Times of Central Asia.

What a bankable processing project looks like

A project that passes screening by both the Korean and local parties and a development bank must meet each participant’s needs. In our view, such a project has five essential elements.

Without a long-term feedstock contract and a committed buyer, development banks do not finance processing: these two contracts are what make revenue predictable. Technology and offtake are the Korean party’s main contributions to a transaction and differentiate it from competitors.

The key takeaway: the sector rarely lacks money — it lacks someone who can assemble these five elements into a single structure and steer it through negotiations with all parties.

Our recommendations

1. Korean companies should enter through processing and offtake. Competing for deposits with the US, the EU and China is expensive; processing technology plus a commitment to purchase output provides a strong negotiating position.
2. Regional governments should offer projects as packages. Feedstock, a site and inclusion in a government programme, presented as a single proposal, accelerate decisions by Korean parties and banks.
3. Use rare metals centres as an entry point. Joint centres in Uzbekistan and other countries provide a natural platform for pilot projects and feasibility studies.
4. Engage a development bank at an early stage. Preliminary interest from EBRD or ADB increases the confidence of the Korean sponsor and the government.

Hibiscus Partners assembles such structures along the Korea–Central Asia corridor, from identifying partners to financing. Discuss a project →

Read also: Korean investment in Uzbekistan: an opportunity map · Kazakhstan × Korea after the summit

Frequently asked questions

Which critical minerals are found in Central Asia? Cooperation with Korea focuses on rare metals (Kazakhstan, Uzbekistan), tungsten and graphite (Kazakhstan), antimony and tungsten (Kyrgyzstan), and antimony and precious metals (Tajikistan).

Why is Korea interested in Central Asian minerals? Korean automotive, electronics, battery and energy industries need reliable supplies of metals. The region offers opportunities to diversify supply chains.

Who else is competing for the region’s minerals? The US (the C5+1 critical minerals dialogue since 2024), the EU (raw materials partnerships with Kazakhstan and Uzbekistan), China and Japan.

Does EBRD finance projects in this sector? Yes: for example, in 2024 EBRD invested 3 million euros in the Sarytogan graphite project in Kazakhstan.

This article was prepared using open sources, October 2026.