Key Points
South Korea targets 20% recycling of critical minerals by 2030
Ministry supports recycling industry growth and supply chain stability
Key minerals include lithium, nickel, cobalt, and rare earth elements
Government plans major investments to reduce import dependence
The Ministry of Trade, Industry and Energy announced the plan as part of a broader government initiative aimed at stabilising supply chains.
Under the plan, the ministry will work to foster the growth of the critical mineral recycling industry by streamlining related regulations, creating industrial clusters and expanding infrastructure for companies in the sector, reports Yonhap news agency.
Through such efforts, the country aims to recycle 20 percent of strategic critical minerals essential for advanced industries, like batteries and semiconductors, by 2030.
The key strategic minerals include lithium, nickel, cobalt, manganese and five types of rare earth elements.
Meanwhile, the government said last week it will work to devise support measures for the critical minerals recycling industry as part of efforts to stabilize the supply chain for advanced industries.
"We are very concerned about supply chain risks as global economic uncertainties are high due to the protectionist policies of the new U.S. administration, including the tariff scheme, and China's export controls on critical minerals," acting President Choi Sang-mok said during a meeting with related industry officials, according to the finance ministry.
"The government will review measures to create an industrial cluster for companies in the critical minerals recycling business and help them create an industrial ecosystem," he added.
Choi's remarks came after the government announced its plan in December to invest more than 55 trillion won ($37.5 billion) by 2027 to reduce its dependence on imports of key minerals critical to South Korea's key industries, such as semiconductors and batteries.
Under the supply chain stabilisation initiative, the government aims to reduce its dependence on imports from specific countries for such key materials from the current 70 percent to 60 percent in 2027 and ultimately to 50 percent by 2030.
