South Korea to increase rare metal inventories amid strong demand

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(Yonhap)

South Korea said on Thursday it would increase its stockpile of so-called rare metals, in line with growing demand from emerging industries, such as electric cars and rechargeable batteries.

As part of the plan, the country will seek to store at least 100 days of rare metals to deal with potential uncertainties in their supply, up sharply from the current 56.8 days, according to the Commerce Ministry. Industry and Energy.

South Korea has designated 35 different types of resources as rare metals, different from base metals, such as steel and copper.

Global demand for these essential minerals is expected to quadruple by 2040 compared to last year, the ministry also said, citing data compiled by the International Energy Agency.

The country said it plans to promote the recycling of rare metals in order to expand its self-sufficiency in these resources as well.

“We plan to establish a system where we can collect the discarded solar panels and rechargeable batteries in an organized manner,” he added.

South Korea is also planning to lend a hand with research projects and offer tax incentives to companies active in the rare metals industry with the aim of favoring 100 companies by 2025. (Yonhap)

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