South Korea to Increase Rare Earths Stockpiles, Seek Substitutes
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South Korea plans to spend 17 billion won ($15 million) to increase stockpiles of rare earths, a group of 17 metals used in hybrid vehicles and laptop computers, by 2016 after China curtailed exports of the minerals to Japan.
The nation, which imports almost all its energy and mineral needs, aims to secure 1,200 metric tons in stockpiles by 2016, the Ministry of Knowledge Economy said in an e-mailed statement today without giving the current inventory volume.