South China Mining Post: #US-led rare earths pact satisfies #SouthKorea’s ‘definite need’ to cut #China dependency.
South Korea has its own rare earth reserves, but does not possess the relevant production capabilities – although in recent years it has moved to produce rare earth magnets.
South Korea’s decision to join a US-led pact on mineral supply helps satisfy a “definite need” to cut dependency on China for key resources, including rare earths, analysts said.
Securing key resources has become a core task for major economies around the world, as minerals are a crucial element incorporated into cutting-edge technologies, green energy and national defence industries.
Countries have traditionally relied on China as it not only holds the largest amount of rare earth reserves, but it also is the world’s biggest producer.
But China’s recent moves to regulate the mining and exports of rare earths has had economies scrambling to secure alternative supplies, with the US-led Minerals Security Partnership launched earlier this month.