South Korea designates all 17 rare earths as critical minerals

The South Korean government will designate all 17 types of rare earth materials that have been scientifically identified as strategically important minerals that require government control to ensure national resource security, according to the Ministry of Trade, Industry and Energy on December 5.

The measure was announced as part of a comprehensive plan to strengthen national security over resources that are vital to advanced industries amid ongoing geopolitical risks and growing global competition for such minerals, according to the Ministry of Trade, Industry and Energy.

The plan was announced at the first resource security council chaired by Minister of Trade, Industry and Energy Kim Jung-kwan and attended by officials from relevant ministries and government agencies. While designating all 17 rare earth metals, including lanthanum, neodymium and scandium, as critical minerals, the South Korean government will first expand communication with China for supply chain cooperation and strengthen monitoring of supply chain disruptions.

The South Korean government then plans to expand the list and volume of required rare earth reserves, and expand production infrastructure to enhance related development capacity. In addition, the South Korean government said it will expand the country's oil reserves for use over the next five years to cope with supply chain uncertainties.

Minister Kim said that demand for key minerals is expected to increase with the development of advanced industries, including electric vehicles and secondary batteries, amid growing supply uncertainties due to the competition for rare earths between the United States and China. Accordingly, the Korean government will focus all its capabilities on promoting the resource supply chain and strengthening national resource security through the resource security council.

Source: https://vtv.vn/han-quoc-chi-dinh-tat-ca-17-loai-dat-hiem-la-khoang-san-quan-trong-10025120515475361.htm