Critical minerals on US-Japan-South Korea ‘to-do’ list

A meeting between U.S. Secretary of Commerce Gina Raimondo and her counterparts from Japan and South Korea has identified critical minerals availability as among the issues on which the three nations will collaborate.

“We further reaffirm the importance of increasing the availability of critical minerals and resilience of the supply chains, including through enhanced processing and refining capabilities, which is a crucial step in the clean energy transition,” reads part of a statement issued by the Department of Commerce (DOC) in late June following a meeting between delegates from the three nations.

The same statement specifies the rare earth element (REE) category of metals as one that calls for further efforts by governments and private sectors to promote and encourage the development of (REE) technologies, including extraction and separation.

The DOC says the nations should work to establish stable supply chains for REEs and permanent magnets. Although recycling is not mentioned, any spending commitment by the government to bolster magnetic material supplies could benefit investors in rare earth recycling facilities.

Adds the DOC, “We share concerns over recent nonmarket measures we have witnessed, which may lead to unreasonable and significant supply chain disruptions for critical minerals that include gallium, germanium and graphite, and we are determined to take appropriate actions where necessary to secure sustainable and resilient global supply chains," the DOC says.

Other economic sectors identified by the three nations include semiconductors and batteries, each of which likewise are dependent on specific basic materials streams.

“Together, we seek to deepen our coordination of export controls on advanced technologies [and] enhance private sector partnerships for collaborative research and innovation related to advanced industrial technologies,” the DOC says. “We share concerns over the weaponization of economic dependencies on certain supply sources for strategic goods. To address the resulting, systemic vulnerabilities stemming from such dependencies, we intend to promote a level playing field through more closely coordinated efforts.”

The remaining economic sectors discussed were more pertinent to tech sectors, including artificial intelligence, cybersecurity and technical standards.