The two companies will work towards potential offtake agreements, paving the way for a rare earth supply chain from South Korea to the UK and Back.
Ionic Rare Earths Limited has signed a non-binding Memorandum of Understanding (MOU) with DNA Link, a South Korean company developing a rare earth manufacturing plant in Yasan, which is set to begin production later this year. Under the partnership, both parties will collaborate on securing offtake agreements for magnet swarf and recycled rare earth oxides generated during magnet production. The partnership aims to bolster the rare earth supply chains outside China, potentially also involving the South Korean Government and international stakeholders in the future.
From South Korea to the UK and Back
The initiative aligns with Ionic’s global expansion strategy: its subsidiary, Ionic Technologies, is currently developing a rare earth recycling facility in Belfast, set to commence operations in 2026. In March 2024, the company launched full-scale production in a demonstration plant (we reported). Material from DNA Link’s South Korean operations could be recycled at the plant in the future, where it would be refined into new feedstock for the South Korean magnet maker.
The Third-Largest Export Destination of Chinese Rare Earth Magnets
South Korea is a major importer of rare earth magnets, with demand coming primarily from its semiconductor and automotive industries as well as domestic energy transition efforts. However, it lacks domestic critical minerals and processing capacity, relying heavily on Chinese imports. For example, in 2024, it was China’s third-largest rare earth magnet export destination, importing 5,811 tons, according to Chinese Customs data. To reduce dependence, the country is seeking to diversify its supply chains. DNA Link’s facility is set to produce 1,000 tons of neodymium-iron-boron (NdFeB) magnets annually, offsetting some Chinese material.
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