The South Korean government plans to increase its stockpile of Strategic Metals and Rare Earths.
Against the backdrop of rising demand for Strategic Metals and Rare Earths , South Korea has announced plans to increase its stockpiles of these critical raw materials, Yonhap news agency reports. A total of 35 of these strategically important materials have been deemed relevant by the government. They are needed for building electric vehicles, batteries and other future technologies. In the future, the stocks should last for at least 100 days. Currently, the target is just under 60 days. Recycling is also to be improved to guarantee the supply of raw materials.
The East Asian country is pursuing ambitious plans and aims to become the leading nation in the production of batteries by the end of the decade, but is dependent on imports of the raw materials it needs.