ID :
187637
Fri, 06/10/2011 - 07:17
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https://oananews.org//node/187637
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S. Korea to spend 300 bln won on rare earth processing R&D
SEOUL, June 10 (Yonhap) -- South Korea plans to spend 300 billion won (US$278 million) until 2020 to develop rare earth metal refining knowhow and build up related industrial infrastructure, the government said Friday.
The Ministry of Knowledge Economy said research and development (R&D) funds will support technology independence and commercialization efforts that can allow the country to refine and make components from rare earth metals.
At present, only a few local companies are engaged in rudimentary refining of rare metals with most manufacturers relying on imports of materials and components to meet demand. Reserves of rare earth metals controlled by state-run Korea Resources Corp. are sent abroad for refining before being re-imported for use.
"Of the 35 different rare earth metals, R&D support will go into technologies needed to refine 11 that are widely used by the industrial sector," the ministry said.
These include such metals as gallium, titanium, lithium, white gold, magnesium, indium and tungsten.
Rare earth metals are only found in a few countries, but they are vital for making mobile phones, rechargeable batteries, notebook computers, electric cars and displays. Moves by some suppliers in recent years to limit exports have caused global prices to go up sharply.
State R&D money, which is expected to be augmented by matching funds from the private sector, will be used to develop better technologies to extract the rare elements from ore and enhance purification. Retrieving metals from used appliances will also get support along with industrial infrastructure building so local companies can make raw materials into components.
Related to the build-up program, the ministry in charge of the country's industrial policies, said domestic companies such as POSCO and LS Corp. are expanding into the field.
POSCO held a ceremony earlier in the day in Gangneung, 237 kilometers east of Seoul, to mark the start of construction of its new magnesium refining plant that will produce 10,000 tons of magnesium metal starting in 2012.
The country's largest steelmaker has allocated 97.7 billion won for the plant that can use dolomite produced in the country. The company's magnesium output is expected to increase to 100,000 tons by 2019.
The plant, once it goes into operation, can help the country cut magnesium metal imports by $60 million per year.
yonngong@yna.co.kr
(END)
The Ministry of Knowledge Economy said research and development (R&D) funds will support technology independence and commercialization efforts that can allow the country to refine and make components from rare earth metals.
At present, only a few local companies are engaged in rudimentary refining of rare metals with most manufacturers relying on imports of materials and components to meet demand. Reserves of rare earth metals controlled by state-run Korea Resources Corp. are sent abroad for refining before being re-imported for use.
"Of the 35 different rare earth metals, R&D support will go into technologies needed to refine 11 that are widely used by the industrial sector," the ministry said.
These include such metals as gallium, titanium, lithium, white gold, magnesium, indium and tungsten.
Rare earth metals are only found in a few countries, but they are vital for making mobile phones, rechargeable batteries, notebook computers, electric cars and displays. Moves by some suppliers in recent years to limit exports have caused global prices to go up sharply.
State R&D money, which is expected to be augmented by matching funds from the private sector, will be used to develop better technologies to extract the rare elements from ore and enhance purification. Retrieving metals from used appliances will also get support along with industrial infrastructure building so local companies can make raw materials into components.
Related to the build-up program, the ministry in charge of the country's industrial policies, said domestic companies such as POSCO and LS Corp. are expanding into the field.
POSCO held a ceremony earlier in the day in Gangneung, 237 kilometers east of Seoul, to mark the start of construction of its new magnesium refining plant that will produce 10,000 tons of magnesium metal starting in 2012.
The country's largest steelmaker has allocated 97.7 billion won for the plant that can use dolomite produced in the country. The company's magnesium output is expected to increase to 100,000 tons by 2019.
The plant, once it goes into operation, can help the country cut magnesium metal imports by $60 million per year.
yonngong@yna.co.kr
(END)
