http://m.koreaherald.com/view.php?ud=20211124000858
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stockpile |
/ ˈStäkˌpīl/ v. - accumulate a large stock of (goods or materials). Stockpiling usually occurs at times of an actual or expected shortage of a product or in anticipation of a price rise. |
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rare |
/ rer / adj. - (of a thing) not found in large numbers and consequently of interest or value. The government plans to swiftly boost the stockpile of rare metals |
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diversify |
/ dəˈvərsəˌfī, dīˈvərsəˌfī/ v. - enlarge or vary the range of products or the field of operation of (a business). If your investments are diversified, it means you have put money in more than one place: |
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acute |
/ əˈkyo͞ot/ adj. - (of a bad, difficult, or unwelcome situation or phenomenon) present or experienced to a severe or intense degree. "An acute housing shortage" |
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grapple [grappling] |
/ ˈGra-pəl/ v. - to begin to
understand or deal with something in a direct or effective way. South Korea
has been grappling with the supply shortage of urea solution |
Comprehension Questions
What is a stockpile? Why is South Korea stockpiling rare
metals?
How does South Korea plan to boost its stockpile of rare
metals?
What is the current supply of South Korea in regard to rare
metals?
What does the government seek to do to enhance the local supply
of such materials?
What has South Korea been grappling with?
Article
South Korea plans to increase its stockpile of rare
metals and expand the list of such items for strategic reserves, the country's
finance minister said Wednesday.
The move aimed at ensuring a stable supply of such materials came in the wake of
a recent supply shortage of aqueous urea solution, a key additive for diesel
vehicles.
The government plans to swiftly boost the stockpile of rare metals to a
maximum of 180 days of use from the current 100 days, according to Finance
Minister Hong Nam-ki.
South Korea has been designating 35 different kinds of resources as rare
metals, differing from common metals, such as steel and copper.
The Public Procurement Service currently holds the stockpile of 23,000 tons of
rare metals, sufficient to last for 40 days. The state-run agency also has
reserves of 220,000 tons of nonferrous metals, enough to be used for 55 days.
"The government plans to expand the number of items subject to the
strategic reserves to ones closely linked to people's lives as most stockpiled
items center on metals," Hong said.
The government said it will launch an early warning system to closely monitor
3,000-4,000 raw materials whose supply heavily relies on imports, and pick
around 200 key items related to economic security.
"Of them, some 20 materials will be managed with priority. The government
will seek to enhance local companies' capability to produce them, increase
their strategic reserves and diversify their import channels," Hong
said.
The 20 key items include magnesium, tungsten, neodymium, and lithium hydroxide.
The move is aimed at preventing the recurrence of an acute shortage
similar to the urea solution supply crunch.
South Korea has been grappling with the supply shortage of urea
solution, a key fluid needed in diesel cars to cut emissions since China
tightened export procedures of urea for domestic supply last month.
Source: By Yonhap,
Nov 24, 2021, http://www.koreaherald.com/view.php?ud=20211124000858&np=1&mp=1