A number of countries are interested in mining underground resources from North Korea. China, Russia as well as Britain and the United States all have their eyes on the reclusive state natural resources. Japan, in particular, has actively paid attention to the rare earth elements available in the country. Rare earth elements are essential raw materials that can be used to make components for cell phones, computers, cars and generators due to their outstanding geochemical properties. In fact, these elements are often referred to as the vitamins of the tech industry. As ties between China and Japan have progressively soured over the past few years, Tokyo has increasingly turned its eyes toward North Korea natural resources. Japan imports 56 per cent of China rare earth exports, and if its ties with Beijing go completely awry, its high-tech industry would be directly affected by the potential loss.
After conducting an analysis with geologists from Australia, the Research Bureau of North Korea National Resources Development Department announced on that 216 million metric tons of rare earth were present in place. The Research Bureau boasted of the rare earth deposit, saying that it is a monolithic reserve, especially when taking into consideration that the consumption of rare earth over the globe in 2010 was just 140,000 metric tons. However, it is difficult to believe the North Korea announcement, especially because it did not conduct field studies and merely estimated the quantity.
In North Korea, only a tiny amount of rare earth is included in various minerals, a South Korean official familiar with the situation said. Forty-eight million metric tons of rare earth are presumed to be economically feasible, but this will not be known until drilling and assessment studies have been completed by independent geologists.
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