LS Cable & System Commits $262 Million to Korean Rare Earth Magnet Plant, Targets 1,000 Tonnes

Highlights

• LS Cable & System plans a $262 million NdFeB magnet facility in Gumi, South Korea, targeting over 1,000 tonnes of production capacity by late 2028.
• The project links Lynas Rare Earths as an Australian oxide supplier, LS Eco Energy's Vietnamese metallization, and Korean manufacturing under one non-China supply chain.
• Planned capacity represents roughly 17% of South Korea's estimated 6,000-tonne annual magnet demand, but commercial economics and customer qualification remain unproven.
• Korea Motion Works, a wholly owned LS subsidiary, will lead NdFeB production, with samarium-cobalt defense magnets planned as a follow-on product line.
• REEx cautions investors not to double-count the earlier $107 million subsidiary capitalization and the new $262 million facility announcement as separate additive expenditures.