South Korea/Australia Link Futures

South Korea and Australia have agreed to make joint efforts for joint exploration, development and production of oil, according to the commerce ministry.

The agreement was made during the 20th Korea-Australia resources cooperation committee meeting at a steel mill complex in Gwangyang, South Jeolla Province, the Ministry of Commerce, Industry and Commerce said.

As a first step, the two sides will soon conduct a joint survey of nonferrous metals and rare-earth elements.

They also agreed to complete a network of resources data to strengthen information sharing as soon as possible.