South Korea's steelmaker POSCO and the government-run Korea Mine Rehabilitation and Mineral Resources Corp. (KOMIR) on Friday announced the first pilot release of a rare mineral for the smooth operation of a public stockpiling system for such minerals.
To check the release process of rare metals from government stockpiles, POSCO, the Ministry of Trade, Industry and Energy, and KOMIR decided on a trial release of ferrochrome to the steelmaker's plant in Pohang, South Gyeongsang Province, from among rare metals stored at the warehouse of KOMIR's mining complex in Gunsan, North Jeolla Province. The transfer began on Monday.
The release is in line with a government plan announced in December last year to release stockpiled rare metals to promptly respond to the global supply chain crisis. Seoul halved the release period from 60 days to 30 if the supply and demand of rare metals are disrupted and allowed release within eight days in the event of a serious supply failure.
In January, the ministry discussed public-private cooperation to alleviate supply crises of key minerals for steel, secondary batteries, electric vehicles and semiconductors. It also signed an agreement with POSCO and KOMIR on raising cooperation in public and private metal stockpiling for high-demand companies by industry.
KOMIR and POSCO discussed overcoming obstacles that could arise in the discharge process and improving it. They decided on a trial transfer of ferrochrome, which the country does not produce domestically and relies entirely on suppliers in distant countries like South Africa and India.
Through the pilot release of the substance, POSCO has laid the foundation for cooperation among the government, industrial complexes and the private sector, saying this will greatly stabilize the supply of other raw materials.
Write to Hyung-Kyu Kim at khk@hankyung.com
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