release of stockpiled minerals so that materials can effectively be utilized in the event of short-term risks. Various improvement measures, such as the unifying of rare metal stockpiling efforts by the PPS and KORES, can also lead to more stable and effective stockpiling and stockpile release.
Second, urban mining should be promoted as a means to replace natural resources and can also reduce environmental pollution. The greatest obstacle to urban mining in Korea is the collection of wastes for recycling.
Unlike in Europe, which adopts the Extended Producer Responsibility system, waste batteries in Korea are recovered by the local government. The post-collection management system for these collected materials is considerably poor. Therefore, we propose the establishment of a battery re-utilization center to construct a unified system for the entire process, from the collection to the utilization of waste batteries. Once established, the center can act as a leading organization for the efficient collection and reutilization of waste batteries.
Third, overseas resources development must be conducted as a long-term response to potential supply shortages.
Currently, development programs for strategic concentrates and six rare metals—bituminous coal, uranium, iron, bronze, zinc, nickel, chrome, manganese, lithium, rare earth elements, tungsten and molybdenum—are eligible for loans for overseas mineral resources development. Silicon metal should be added to this list as an eligible resource. Cobalt is not included on the list, but since it is a byproduct of bronze and nickel mining, it may be regarded as already included. Lithium is included on the list as a rare concentrate, but it should also be made eligible for additional points, similarly to strategic concentrates, so that the loan system can be used for its development. Furthermore, special taxation policies, such as income tax exceptions for the domestic sale of developed mineral materials (with the exception of self-consumed amounts), can be adopted to enhance the feasibility of mineral materials.
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Taeheon Kim
Current: Research fellow, KEEI Major literary works and theses
An Analysis and Evaluation of the Overseas Resources Development Investment System (co-authored), Foundation for Overseas Resources Development, 2017.
Mid and Long-term Development Strategy of the Korean Oil Industry According to Structural Changes in the International Oil Market (2/3) (co-authored), Korea Energy Economics Institute, 2017.
A Study on the Structural Analysis of Governance of Overseas Resources Development Companies (co-authored), Korea Energy Economics Institute, 2016.
Tae Eui Lee
Current: Assistant research fellow, KEEI Major literary works and theses
A Study on the Construction of a Rational Support System for Private Resources Development, Korea Energy Economics Institute, 2017.
Overseas Resources Development Companies’ Response to Low Oil Prices, Korea Energy Economics Institute, 2016.
A Study on the Structural Analysis of Governance of Overseas Resources Development Companies (co-authored), Korea Energy Economics Institute, 2016.