South Korea stabilizes rare earth supply

VTV.vn - South Korea has just established its first Rare Earth Industry Association, aiming to reduce dependence on supply from China.

South Korea stabilizes rare earth supply

South Korea has just established its first Rare Earth Industry Association, aiming to reduce dependence on supplies from China and increase self-sufficiency in high-tech industries.

The launching ceremony of this new Association took place yesterday, September 22 in Seoul, with the participation of about 50 delegates from the Government , businesses and academia. The Association brings together 20 large enterprises and research institutes such as Posco, Hyundai, Seoul National University. The focus is on building a stable rare earth supply chain, promoting research and human resource training, developing the metallurgical and permanent magnet industries. This move is expected to create a turning point in diversifying the global supply chain, as the Korean side is also cooperating with Vietnam to ensure strategic supply for electric vehicles, wind power and defense.

Rare earths, known as the “vitamins of advanced industry,” are essential strategic materials for many fields such as electric vehicles, wind power, defense, and aerospace. As China tightens export regulations, global competition to secure rare earth supplies is increasingly fierce.

LS Cable & System and LS Eco Energy have been actively involved in the rare earth sector. In August, the two companies signed a cooperation agreement with the Export-Import Bank of Korea to develop the rare earth and electric powertrain industries, and discussed with Vietnam solutions to ensure a stable supply of rare earths, aiming to diversify the global supply chain.

Speaking at the launching ceremony, Koo Bon-kyu, the first chairman of the association, emphasized that diversifying the rare earth supply chain and technological autonomy are the key to competitiveness in advanced industries. The association will realize this goal through cooperation between industry, academia, research and the government.

Source: https://vtv.vn/han-quoc-on-dinh-nguon-cung-dat-hiem-100250923182638922.htm