South Korea's Ministry of Trade, Industry and Energy (MOTIE) announced in 2023 that they had finalised a list of 33 critical minerals, of which 10 were classified as strategic critical minerals. These 10 minerals include lithium and nickel, as "strategic" key minerals for intense management of their supply chains and to significantly reduce their dependence on specific nations as part of efforts to better secure national economic security.
South Korea imports nearly 95 percent of its major minerals, and their demand has surged recently from such advanced industry sectors as semiconductors and secondary batteries.
This list was announced during a meeting attended by Industry Minister Lee Chang-yang and chiefs of major companies in battery, auto and other related fields, including LG Energy Solution Ltd., Samsung SDI Co., SK On Co., Hyundai Motor Co., and POSCO Holdings Inc. in Seoul in February.
Minister Lee said that "Securing supplies of key minerals in a stable manner is one of the key tasks for us to boost industry competitiveness amid a heated global competition. By implementing the strategies, the country will be able to reduce our dependence on key minerals from specific nations from the current 80 percent to around 50 percent by 2030.'
The full list can be found here.
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