The Korea Resources Corporation will develop a rare earth element mine overseas, the first by a Korean company.

The corporation said it had acquired ten-percent stake in a Zandkopsdrift rare earth project in South Africa.

It will conduct exploration and develop the mine to produce some 20-thousand tons of rare earth materials each year starting from 2016.

The Zandkopsdrift rare earth mine has an estimated 39-million tons in deposits. If the corporation gets up to 30% stake, it would secure rare earth supply that is double that of annual domestic demand.

Rare earth elements are rare minerals used in the manufacture of electric vehicle motors and various cutting-edge products. China supplies 97% of global demand.