Korea Zinc said on the 18th that it has developed a technology to recover rare earth mixtures from waste products. A rare earth mixture is an intermediate material in which 17 types of rare earths are blended, and, after separation and refining, it is used in advanced and defense industries in the form of rare earth oxides.
With this technology development, Korea Zinc can now extract a rare earth mixture containing both light and heavy rare earths from waste rare earth magnets obtained by dismantling and separating waste motors. The company said it will continue development for commercial production and plans to establish a stable raw material procurement system with the government.
Korea Zinc said this technology development came after the current management, judging that resource weaponization of rare earths would intensify in addition to the high dependence on certain countries for critical minerals, directed the Onsan Smelter's Technology Research Institute and the headquarters technology team to conduct research and development.
Since late 2022, when Chair Choi Yun-beom took office, Korea Zinc has steadily hired rare earth experts. Last year, to protect Korea's advanced industries, strengthen resource security, and stabilize global supply chains, it elevated the development of technology to recover rare earths from waste products to a top priority.
Korea Zinc plans to develop technology to separate and refine mixed rare earths into light and heavy rare earths, and to establish a stable raw material supply chain system for actual commercial production. To that end, it also held a roundtable with the Ministry of Trade, Industry and Resources and the Korea Rare Earth Industry Association.
At the roundtable, Korea Zinc proposed: ▲ support for research and development costs ▲ support for demonstration of rare earth recovery technology ▲ formation of a government-led technology consultative body ▲ public-private joint investment for long-term supply chain stabilization.
A Korea Zinc official said, "Currently, rare earth production is monopolized by a few countries, leading to supply instability and severe price volatility," and added, "As this affects the competitiveness of advanced industries not only in Korea but worldwide, we will participate in rare earth production to help raise technological self-sufficiency and stabilize supply chains."