South Korea to Increase Rare Earth and Rare Metal Stockpile

Korea Resources Corporation (KORES) plans to increase national stockpile of rare earths and rare metals. Rare earths stockpile is scheduled to increase from estimated 62 tonnes in 2010 to 1,164 tonnes in 2016. In 2011, KORES will construct a stockpile warehouse for rare earths. As to rare metals (7 items), KORES plans to increase the stockpile from estimated 10,268 tonnes in 2010 to 76,000 tonnes in 2016, as much as South Korea’s 60-day domestic consumption.

The current rare metals’ stockpile obtains chrome at 9,036 tonnes, molybdenum at 430 tonnes, antimony at 380 tonnes, titanium at 270 tonnes and several ten tonnes for tungsten and niobium. South Korea has no rare metal resources in the country and relies on the import as same as Japan. The supply risk is high due to a few number of the supplier countries.

KORES plans to increase the stockpile to 69,700 tonnes for chrome, 2,280 tonnes for molybdenum, 2,280 tonnes for antimony, 800 tonnes for titanium, 44 tonnes for tungsten, 360 tonnes for niobium and 1,164 tonnes for rare earths as well as 2 tonnes for selenium. The total stockpile is scheduled at 6,866 tonnes in 2011, 9,586 tonnes in 2012 and approximately 12,000 tonnes after 2013.

In South Korea, Public Procurement Service (PPS) also stocks nickel, silicon, manganese, cobalt, vanadium, indium and lithium. PPS plans to increase the stockpile from present 49,000 tonnes to 68,000 tonnes in future, especially for nickel, silicon and manganese.