Korea, Japan pact on rare earths

Korea and Japan have agreed to boost their cooperation in securing rare earth elements, key ingredients of their high-tech export items, officials said yesterday. The move came after China, which produces 97 percent of global supplies, recently cut outbound shipments following a territorial dispute with Japan.

The Ministry of Knowledge Economy said Vice Minister for Energy and Trade Park Young-jun proposed the joint development of mines for rare earth elements in third countries in a meeting Thursday with Japanese officials, including Hirobumi Kawano, president of Japan Oil, Gas and Metals National Corporation. Park’s visit to Japan is aimed at “establishing a cooperative system with Japan to ensure stable supply of rare earth elements for both countries,” the ministry said.

Rare earth elements are used in high-tech products such as semiconductors and displays that make up an increasingly large portion of exports of both Korea and Japan. Yonhap