Definition of Rare Metals

A rare metal refers to ① a specific metal that is and will be in high industrial demand, among metals that are rare, economically valuable, yet difficult to extract, or ② a metal whose supply is unstable and unpredictable because its reserve and production are confined to only a handful of countries or its entire supply depends on a specific country.

In Korea, 35 types and 56 metal elements are defined as rare metals given their current demand and future industrial demand that is expected to grow along with technological innovation.

Types of Rare Metals

Note 1) Platinum group elements (six types) among noble metals are classified into the first group of PGM.
Note 2) Seventeen rare earth elements are classified into the first group (RRE, Rare Earth Element).

Criteria for Classification

Classification criteria vary depending on regions (countries) and historical time periods.

Japan: 31 types of rare metals

• Five elements less than Korea (excluded Magnesium, Cadmium, Phosphorus and Silicon)
• 16 rare earth elements (excluded Scandium, unlike Korea) and 2 PGM elements (Palladium, Platinum)

USA: 33 types of rare metals

• Excluded six elements (Magnesium, Nickel, Phosphorus, Arsenic, Antimony and Tin)
• Added five elements (Calcium, Rubidium, Thorium, Uranium and Plutonium)

Comparison between Rare Metals and Petroleum