China and South Korea Strengthen Cooperation in Rare Earth Field

The "China-Korea Rare Earth New Materials Technology Development Seminar", sponsored by the Korea Institute of Science and Technology (KIST) and the Korea-China Science & Technology Cooperation Center, and co-organized by the Ministry of Industry, Trade and Energy of Korea, and the Incheon City Government, was held in Songdo, Incheon. China and South Korea have agreed to carry out comprehensive and regular technical cooperation in the field of new rare earth materials, according to the Yonhap News Agency, a Seoul-based South Korean news agency reported on January 7.

rare earths are core materials necessary for cutting-edge industries image

It is reported that at this seminar, experts from China and South Korea had extensive and in-depth discussions on many fields such as rare earth reuse, materials, markets, and standard development.

The rare-earth elements are a group of 17 metals that, as their name suggests, form under the Earth's surface and are difficult to find and extract. But they are crucial to the tech and defense industries; rare-earth metals have unique magnetic, heat-resistant, and phosphorescent properties that no other elements have. This means that they're often non-substitutable materials in smartphone and missile production.

rare earth oxides image

South Korean imports of rare earth materials are increasing every year, but due to lack of core technology and weak industrial foundation, imported materials are mainly used for low value-added operations such as simple processing.

Through this seminar, China and South Korea agreed to carry out regular and comprehensive cooperation in the field of new materials using rare elements. South Korea was given the opportunity to cooperate with the Chinese largest heavy rare metal mining and processing base, the Jiangxi Provincial Research Institute and related companies.

the market of rare earth image

According to the Ministry of Industry, Trade, and Resources of the Republic of South Korea, the rare metals are the basis of the competitiveness of the materials and parts industry. The Ministry of Industry will actively work hard to invigorate the entire rare metal industry such as rare earths and improve the competitiveness of the industry by ensuring core technical capabilities and strengthening the functions of rare earth financial centers.

 

 

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