South Korea's industry ministry said Sunday it will launch a program to lend rare minerals to key businesses, including chipmakers, in case of unexpected supply shortages.
The Ministry of Trade, Industry and Energy said it has completed securing reserves of around 10 kinds of rare minerals, including molybdenum and chrome, which can be provided to local firms for up to three months.
The ministry said the program aims to guarantee a stable supply of minerals that are vital in the manufacturing of South Korea's key products, such as semiconductors, displays and electric automobiles.
South Korea has been accumulating reserves since 2006 to prepare for unexpected disruptions in the supply of such resources.
The companies can repay the government with either money or rare minerals but will have to pay an additional fee for the resource loan. (Yonhap)