Osong: The industry ministry has initiated a rare metals industry development council to address the growing challenges posed by global protectionism and to deliberate on the strategies for enhancing the domestic industry's supply chain, officials reported on Thursday.

According to Yonhap News Agency, the council's inaugural meeting took place in Osong, located 107 kilometers southeast of Seoul. During the session, members agreed to undertake an extensive review of the supply chain and technological landscape concerning 15 critical rare metals. These include rare earth elements, lithium, and tungsten, all vital for advanced industries.

The council is composed of experts from industry, academia, and research institutions, reflecting the widespread application of rare metals across various sectors. The council's mission includes evaluating Seoul's rare metals supply chain, scrutinizing related technologies, and formulating strategies to maneuver through the global rare metals markets and export controls in the foreseeable future.