Getting rare earth minerals from Australia seems like a much more reliable alternative than China where they have demonstrated before they are willing to economically retaliate against South Korea to pressure them on issues:
Korea has been strengthening ties with Australia to produce rare earth elements and decrease its high dependence on China, as core minerals for high-tech industries are becoming increasingly important.
Korea Times
Although Korea is currently dependent on China for rare earth elements, Rowena Smith, CEO of Australia-based critical metals producer ASM, said the company has been strengthening relations in order to provide a stable supply of core minerals to Korean companies. (…….)
“In our experience, Australia’s and Korea’s business culture and shared values make us perfect partners to develop our business, using Australian natural resources and Korea’s access to skills and technology,” she added.
For years, ASM has been conducting the Dubbo project, which mines minerals such as rare earth elements from mines in Dubbo, New South Wales, Australia and processes them in Korea. Australia has the world’s sixth-largest deposit of rare earth elements of 3.27 million tons, after China, Vietnam, Brazil and Russia.
ASM said the Dubbo project serves as a sustainable and reliable source of core minerals such as rare earth elements, meeting the skyrocketing demand for these materials in the global market.
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