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 enhance self-reliance in high-tech industries.

The launch ceremony for this new association took place yesterday, September 22nd, in Seoul, with the participation of approximately 50 delegates from the government , businesses, and academia. The association brings together 20 major companies and research institutions such as Posco, Hyundai, and Seoul National University. Its focus is on building a stable rare earth supply chain, promoting research and human resource training, and developing the metallurgical and permanent magnet industries. This move is expected to be a turning point in diversifying the global supply chain, as South Korea is also cooperating with Vietnam to secure strategic supplies for electric vehicles, wind power, and defense.

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Currently, LS Cable & System and LS Eco Energy are actively involved in the rare earth sector. Last August, the two companies signed a cooperation agreement with the Korea Export-Import Bank to develop the rare earth industry and electric drive systems, and are also discussing with Vietnam solutions to ensure a stable supply of rare earths, aiming to diversify the global supply chain.

Speaking at the launch ceremony, Mr. Koo Bon-kyu, the first Chairman of the Association, emphasized that diversifying the rare earth supply chain and achieving technological self-reliance are key to competitiveness in advanced industries. The Association will realize this goal through cooperation between industry, academia, research, and the government.

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