Opportunities in Korea for Australian Critical Minerals

Summary

This guide helps Australian exporters of critical minerals understand the opportunities in Korea.

The guide has information on:

• new Korean Government strategies to secure critical minerals
• the rising demand for and supply opportunities in battery minerals
• examples of Australian-Korean critical minerals collaborations.

Key findings

Opportunities in battery minerals

Korean battery-makers are turning their attention to lithium iron phosphate (LFP) batteries. LFP batteries will help lower car prices, so automakers are keen to install these batteries.

To avoid losing market share to competitors, Korean battery-makers are preparing to make LFP batteries. This creates opportunities to supply critical minerals such as:

• lithium
• cobalt
• nickel
• graphite
• rare earth elements.

Manufacturers use rare earth elements to make neodymium magnets for car batteries and motors, among other things.

Contact us

For more information about exporting critical minerals to Korea, email seoul@austrade.gov.au.