LS Cable to invest $262 million in magnet plant in South Korea — Korea Herald

South Korean company LS Cable & System will invest 350 billion won, or $262 million, in the construction of a rare-earth permanent magnet plant in the city of Gumi, North Gyeongsang Province, South Korea. The facility is expected to become part of the company’s production chain for the defense industry, robotics and electric vehicles, Korea Herald reports.

Production launch in 2028

The memorandum on construction was signed by subsidiary Korea Motion Works together with the authorities of North Gyeongsang Province and the Gumi city administration. Construction work is scheduled to begin in the first half of 2027, while mass production is planned for the second half of 2028.

Initially, the plant will produce neodymium-iron-boron magnets for robots and electric vehicles. Later, the company plans to establish production of samarium-cobalt magnets for defense needs. Annual production capacity is expected to exceed 1,000 tonnes, equivalent to approximately 17% of South Korea’s domestic demand.

More current news is available on the UA.News Telegram channel Telegram.

Raw material supply chain

LS Cable & System plans to purchase rare-earth raw materials from Australia’s Lynas, use metals produced by LS Eco Energy in Vietnam, and manufacture permanent magnets in the United States and South Korea. The company intends to combine raw material supplies and finished-product output within this network.

Gumi was selected because of its industrial infrastructure, manufacturing capabilities and support from local authorities. The city also has the status of a specialized complex for the advanced robotics industry, which, according to the company’s assessment, will facilitate the plant’s ties with the local robotics sector.