KIMS concluded  a Memorandum of Understanding with SAMHYUN and SG Tech to cooperate in research and development of

rare-earth magnet materials at the conference room in the main building of KIMS on Thursday, July 8. 

A rare-earth magnet is the most important material that determines the performance and efficiency of motors such as electric

vehicles and generators. The market is growing rapidly, but Korea currently depends entirely on imports. More than 90% of

the domestic rare earth magnet supply is from China that produces 72% of the world's rare earth metals, which may lead to

unstable supply.

In order to resolve the supply instability of rare earth magnets for high-performance motors, the MOU aims to promote R&D

and technical cooperation to enhance Korea’s technological independence. The three parties plan to △conduct R&D and

technical support for rare earth magnet materials and parts, △develop rare earth magnet alloy and magnet manufacturing

related processes and give technical support, △evaluate the magnetic property of rare earth magnetic materials and parts,

 and △exchange human resources in the areas of mutual interest, share lab equipment and hold regular meetings to

exchange information and technology.

Jung-hwan Lee, the president of KIMS, said, “SG Tech is the only high-end rare earth magnet manufacturer in Korea and

SAMHYUN is a cutting-edge automobile core parts manufacturer such as electric vehicle motors.” “For the stable supply of rare

earth magnets for motors, KIMS and the two companies will do our best to achieve meaningful outcomes as soon as possible.”