Korea Motion Works, a newly established subsidiary of LS Cable & System, plans to invest 350 billion won ($240 million) to build a rare earth permanent magnet plant in Gumi, North Gyeongsang Province. The facility will occupy 15,000 square meters at LS Cable & System's In-dong Plant within the Gumi National Industrial Complex and is targeted for completion by 2029. LS Cable & System invested 150 billion won to establish KMW and the magnet business. The project is expected to create 212 jobs and produce more than 1,000 tons annually, equivalent to about 17% of domestic demand. Production is intended to reduce supply-chain dependence on China and support robotics, electric vehicles and defense industries. Initial output will focus on neodymium-iron-boron magnets, with samarium-cobalt magnets for defense applications planned later. An earlier account cited mass production in the second half of 2028, while the latest agreement sets the investment plan for completion by 2029. The supply chain is also planned to connect Australian producer Lynas, LS Eco Energy's metal-processing operations in Vietnam, and finished-magnet production in South Korea and the United States.