S&P bumps up Komir

S&P said it raised its ratings on Korea Mine Rehabilitation and Mineral Resources Corp. (Komir) and the notes it issued or guarantees to A+ from A.

South Korean government-owned Komir has been directed to boost the quantity and types of rare minerals it stockpiles to 100 days from more than 45.5 days by 2030.

Komir currently stockpiles 80,043 tonnes of 11 rare minerals. Korea Public Procurement Services will transfer nine more types of rare minerals to the company over the next several years.

“The expansion of Komir's mandate indicates a transition in the company's role as a government-related entity (GRE) and implies a strengthening of the likelihood of extraordinary government support. We expect the government's annual injection of equity capital in Komir to increase significantly over 2024-2026, compared with 2022-2023,” the agency said in a press release.

The outlook remains stable.

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