Rare Earth Stockpile Expanded to 100 Days by 2031... Saemangeum Stockpile Base Passes Preliminary Feasibility Study

National Funding of 241.7 Billion KRW Supported
Scheduled for Completion by the End of 2026

A dedicated strategic reserve base for national key minerals such as rare earths, magnesium, and potassium will be established by the end of 2026.

The Ministry of Trade, Industry and Energy announced on the 6th, at the 6th Fiscal Performance Evaluation Committee meeting, that the "National Key Minerals Dedicated Strategic Reserve Base Construction Project" has passed the preliminary feasibility study with a total project cost of 241.7 billion KRW.

This project involves investing 241.7 billion KRW over three years starting in 2024 to build a strategic reserve base within the Saemangeum National Industrial Complex, covering a site area of approximately 190,000㎡ and a total building floor area of about 110,000㎡.

An official from the Ministry of Trade, Industry and Energy stated, "By establishing the strategic reserve base, we will support the stable growth of domestic industries and strengthen the national strategic reserve infrastructure for key minerals to respond swiftly to global supply chain crises. Additionally, the construction of the reserve base is expected to aid the stable implementation of the rare metal stockpiling expansion policy, which is being promoted to address instability in the global key mineral supply chain."

Alongside this, the government plans to expand the stockpile of 13 types of rare metals, including rare earths, magnesium, potassium, cobalt, and tungsten, to cover more than 100 days by 2031. The new dedicated key mineral strategic reserve base will systematically stockpile and manage currently reserved minerals as well as those planned for future expansion.

Rare earth elements. (Stock photo)