CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

KSM Metals, the only rare earth producer in Korea, held a groundbreaking ceremony for its plant in Foreign Investment Zone in Ochang, Cheongju, Chungbuk-do on May 12.

The company, which received KRW 30 billion investment from ASM, an Australian mining company, built a plant building, office building, and analysis building in Ochang.

Soon, it will employ about 100 people, producing about 5,000-10,000 tons of rare earths and rare materials.

Chungbuk-do expects the attraction of this company will contribute to securing stable supply of strategic resources and establishing value chains of rare earths and rare materials in the province.

Rare earths and rare materials are strategic resources necessary for the future high-tech industries such as electric vehicles, wind power generation industry, aerospace industry and chemical plants.

Of them, China accounts for more than 90 percent of the global rare earth production amount. During the territorial disputes between China and Japan in 2010, China weaponized rare earth against Japan, increasing realization of rare earths as a critical international strategic resources.

jeonch@yna.co.kr

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Source: Yonhap News (May 12, 2022)