Rare Metals Supply Plan 2.0

Last updated: 12 December 2023

Korea has announced the Rare Metals Supply Plan 2.0, targeting the secure supply of 35 types of rare metals essential for major industries such as batteries, wind and solar power generation. The plan has three main objectives:

  1. Ensure security of supply for at least 100 days through acquisitions, stockpiles and recycling (currently at an average of 56.8 days).
    • Acquisition: Strengthen international cooperation and support domestic private companies to expand overseas business for resources.
    • Stockpile: Increase and update stockpiles and reserve systems to be prepared for potential supply crises.
    • Recycle: Promote waste recycling and R&D systems to increase domestic self-sufficiency.
  2. Nurture 100 enterprises in the rare metal sector and provide development support packages.
    • Enterprise support: Provide comprehensive support at all stages including assistance for financing, restructuring as well as regulatory support.
    • R&D: Encourage breakthrough technology development focused on domestic sufficiency, environmental friendliness, and value addition.
  3. Build a robust and resilient rare metal ecosystem.
    • Infrastructure: Enhance supply monitoring systems and material databases.
    • Legal and institutional: promote legislation and standards for rare metals, support to the industry, and international collaboration on standards.
    • Governance: Establish cooperative systems among private and public sectors for a strong industrial ecosystem.

The strategy aims to lay the foundation for new industries like electric vehicles and new energy sources, ensure stable  supply for the production of semiconductors and other technologies, and strengthen Korea's industrial competitiveness to support net zero by 2050.

Want to know more about this policy ? Learn more (Korean)