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Gov't to review support for critical minerals recycling industry

Published: 21 Mar. 2025, 17:07

Acting President Choi Sang-mok inspects a production facility of SungEel HiTech in Gunsan, North Jeolla, on March 21. [JOINT PRESS CORPS]

The government will work to devise support measures for the critical minerals recycling industry as part of efforts to stabilize the supply chain for advanced industries, the acting president said Friday.

"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," acting President Choi Sang-mok said during a meeting with related industry officials, according to the Ministry of Economy and Finance, of which he concurrently leads. The meeting took place at a rechargeable battery recycling firm in North Jeolla Province.

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 minerals critical to Korea's key industries, such as semiconductors and batteries.

Under the supply chain stabilization 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.

"The critical minerals recycling business will play a key role in the stabilization of the supply chain, along with the diversification of imports," Choi said, noting the government will also work to streamline regulations for the industry.

Yonhap