Proposal on how to Activate Recycling of Critical Minerals

Abstract

Securing critical minerals is becoming a major issue. Regarding this, Korea selected resource circulation as a primary mean, as well as overseas resource development and stockpiling. However, the rate of recycling domestic core mineral is low due to insufficient economic feasibility. This article discusses the additional benefits of recycled raw materials and economic improvement. The various extra benefits include the reduction of the cost of responding to environmental and carbon-neutral regulations, securing the ability to respond to rules of origin, and spreading ESG marketing promotions. Therefore, quantitative evaluation of these benefits and establishing a fair cost payment system is required through a shift in the perception of demanding companies that use recycled raw materials. In addition, the government also needs to promote policies to build and spread this system, because it will improve the economic feasibility of the recycling industry and lead to the vitalization of critical mineral resources circulation.