SEOUL, South Korea: South Korea will designate all of the 17 scientifically identified rare earth materials as strategically critical minerals requiring government control for the nation’s resource security, the industry ministry said today, Yonhap News Agency reported.
The measure was announced as part of a comprehensive plan for bolstering the country’s security on resources that play a crucial role for advanced industries amid persisting geopolitical risks and intensifying global competition over such minerals, according to the Ministry of Trade, Industry and Resources.
The plan was unveiled at the inaugural resource security council, presided over by Industry Minister, Kim Jung-kwan, and attended by officials from related government ministries and agencies.
While designating all 17 rare earth metals, such as lanthanum, neodymium and scandium, as critical minerals, the government will first expand communications with China for supply chain cooperation and strengthen monitoring on supply chain disruptions.
The government later plans to expand the list and the volume of required rare earth reserves and also expand production infrastructure to strengthen related development capabilities.
In addition, the government said it will expand the country’s petroleum reserves for use over the next five years to respond to supply chain uncertainties.
“Demand for critical minerals is expected to escalate with the growth of advanced industries, including electric vehicles and secondary batteries, amid intensifying supply uncertainties sparked by competition over rare earths between the US and China,” Kim said.
“The government will concentrate all its capabilities on advancing the country’s resource supply chains and bolstering the national resource security through the resource security council.” – BERNAMA-YONHAP
