The National Program for Metal (Nonferrous and Rare) Stockpiling

The National Program for Metal Stockpiling has been established to support the stable growth of the domestic industry and respond promptly to global supply chain crisis as part of a comprehensive strategy for non-ferrous metals managed by the PPS (Public Procurement Service) and rare metals by KOMIR (Korea Mine Rehabilitation and Mineral Resources Corporation). It has been prepared as the main strategy to expand stockpiling bases that can enhance national resource security.
The three key objectives are:
1. Expanding stockpiling of non-ferrous metals to 60 days from the previous 50 days supply and rare metals to 100 days from the previous 54 days supply. 
2. Strengthening response system on the supply and demand crisis. It plans to reduce the period required for rare metal release by half to up to 30 days from the current 60 days. The plan also introduced an emergency release system that can be delivered to companies in need within eight days in an emergency situation.
3. Enhancing the stockpiling base by building new warehouses that can accommodate expanded stockpiling. They will establish a Critical Mineral Steering Committee composed of multi-stakeholders including industry, academia, and research experts that can inspect stockpiling target selection and status.

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