Korean-based Trident Global Holdings has acquired the rights to three significant rare earth element mines in Vietnam, and is planning to develop all of them in collaboration with the Hung Hai Group.
Trident, which will also undertake processing of these mines, said it is planning to secure the manpower, capital, technology, equipment, and other support for them as it plans to commence operations later this year.
Hung Hai Group, which already owns three mines and mineral exploration licenses in North Vietnam’s Lai Chau province, will contribute its assets, including the Bac (North) Nam Xe, Nam (South) Nam Xe, and Dong Pao mines, and going forward will handle mining-related tasks. Trident will oversee the development and processing of rare earth minerals.
The Bac Nam Xe and Nam Nam Xe mines, housing the largest rare earth reserves in Vietnam, are located in Lao Cai province. Each of them extends for more than 300 hectares. They will be jointly developed by Trident and Hung Hai. Current confirmed reserves stand at approximately 2 million tons and 3 million tons, respectively.
The Dong Pao mine, in which Hung Hai Group holds a 20% stake, is being developed by the Lai Chau Rare Earth Joint Stock Company (VIMICO). It involves the mining and processing of rare earth ore across an expansive area of approximately 1,000 hectares and estimated reserves of about 1.5 million tons.
“This partnership marks a milestone as the first instance of a Korean company led by an American CEO, directly investing in the ownership and development rights of an overseas rare earth mine,” CEO Sam Chi said.
“This is especially significant given the skyrocketing demand for rare earth elements, which are crucial…[and] this collaboration will create Vietnam’s position as one of the leaders in the next generation of leading technology providers.”
Source: ljhfm.com