Choi Yun-beom of Korea Zinc draws attention to 'resource circulation business'... "A breakthrough for South Korea's rare earth supply chain"

*This content was translated by AI.

The Korea Development Bank (KDB) Future Strategy Research Institute (hereinafter the Institute), in its report titled 'Trends in Global Rare Earth Supply Chain Restructuring' released on the 2nd, stated that amid strengthening export controls on rare earths by specific countries, refining technologies and urban mining could serve as a path forward for South Korea.

As competition among nations intensifies over the global rare earth supply chain, the state-run bank has analyzed that South Korea needs to build its own rare earth supply chain by leveraging its world-class non-ferrous metal refining capabilities. In particular, Korea Zinc has drawn attention as a case study for South Korea's urban mining and critical mineral supply chain utilizing domestic refining technology.

Urban mining refers to the business of extracting useful minerals from discarded appliances and waste magnets. Analyses indicate that refining know-how accumulated in the non-ferrous metal industry and large-scale chemical process technologies have high technical synergy with urban mining operations.

Rare earths are strategic resources essential not only for electric vehicles and offshore wind farms but also for advanced weapon systems such as missiles and fighter jets. In particular, demand for rare earths is concentrated in permanent magnets, with heavy rare earths used in high-performance neodymium magnets holding significant importance in advanced industries and defense sectors.

The KDB Future Strategy Research Institute identified 'advanced refining technology' and 'status as a demand hub' as key competitive advantages that South Korea can leverage during the supply chain restructuring process, given its lack of domestic rare earth resources. South Korea possesses advanced refining technologies and large-scale chemical process control capabilities accumulated through its non-ferrous metal industry. The Institute further analyzed that recycling rare earths from urban mines has high technical synergy with existing non-ferrous metal refining know-how and environmental treatment infrastructure and technology held by domestic companies.

The Institute then highlighted Korea Zinc as a representative company. It stated, "Korea Zinc is actively working to secure its position as a key partner within the U.S.-led supply chain by advancing rare earth recycling projects in the United States." The Institute explained that Korea Zinc is promoting the establishment of an integrated refinery (Project Crucible) producing 11 critical minerals in the U.S., along with a rare earth recycling plant that extracts rare earths from waste permanent magnets.

Meanwhile, based on world-class non-ferrous metal refining competitiveness, Korea Zinc has continuously advanced its technology to recover precious metals from Busan water and various secondary raw materials generated during zinc and lead refining processes.

In particular, since Choi Yun-beom (Chairman) took office in 2022, the company has fully launched a 'troika drive' centered on renewable energy, secondary battery materials, and resource circulation, expanding its resource circulation business using secondary raw materials such as electronic waste. Additionally, Korea Zinc is promoting Project Crucible, a large-scale integrated refinery construction project in Clarksville, Tennessee, in collaboration with the U.S. government and other partners.

Korea Zinc is also accelerating its rare earth business initiatives. From April this year through December 2030, supported by the Ministry of Science and ICT, Korea Zinc is undertaking the 'Rare Earth Processing K-Plant Key Equipment Development Project.' Prior to this, the company has been developing technologies to recover rare earth mixtures from waste motors, intensifying efforts to secure rare earth separation and refining technologies based on recycling capabilities.

A Korea Zinc official emphasized, "Based on decades of accumulated refining, recovery, and resource circulation technologies, Korea Zinc will contribute to stabilizing South Korea's critical mineral supply chain while also contributing to building a reliable critical mineral supply chain through cooperation with allied countries including the United States."

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*This content was translated by AI.