Reuters reports that South Korea will invest KRW 300 billion to develop technologies and raise self sufficiency rates of rare metals such as lithium and magnesium by 2018.
The statement said that in the private sector, POSCO will invest KRW trillion in 5 sectors including rare metals, non ferrous metals, carbon materials, future new materials and recycling through 2018. LS Nikko will spend KRW 500 billion in expanding production of rare metals by 2020. Local demand on rare metals has been rising sharply along with the growth of future advanced businesses including LCD and hybrid cars.
It said that "Through the investment the government aims to raise the self sufficiency rates of rare metals from current 12% to 80% by 2018."
South Korea SK Energy said that in October it would supply lithium ion batteries for a hybrid electric vehicle project for Daimler unit Mitsubishi Fuso, joining the competition with early movers in the sector including LG Chem and Samsung SDI.
The statement said that as part of the investment POSCO will set up a magnesium refining plant to produce 10,000 tonnes per year from 2011 and 100,000 tonnes from 2014 in an eastern province of Kangwon, which accounts for 40% of magnesium ingots buried in the country, to reduce imports of magnesium ingots.
Source: Steel Guru
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