Rare Earths: South Korean Corporation Secures Rights to Mines in Vietnam

by | 27. May 2024 - 10:40 | Economy

High tech, low mining: South Korea needs critical raw materials; Vietnam has enormous deposits. South Korea’s Trident Global and Vietnam’s Hung Hai Group announce joint mining operations.

Trident Global Holdings, a South Korean conglomerate active in mining, real estate, and carbon capture technology, has acquired the rights to three rare earth mines in Vietnam. The Bac Nam Xe, Nam Nam Xe, and Dong Pao mines reportedly have confirmed reserves of several million tons. In cooperation with Trident, the Vietnamese Hung Hai Group will take over the mining activities, while the South Korean company will be responsible for the mines’ development and processing of rare earth minerals, according to the press release. The two companies want to establish a comprehensive value chain that includes selling end products; work is scheduled to begin this year.

High Tech, Low Mining: South Korea Needs Critical Raw Materials

South Korea and Vietnam are increasingly expanding their roles in the global rare earth market. In December, the two countries announced they would intensify their cooperation. Vietnam has the second-largest estimated deposits of critical minerals after China and wants to become a major producer, which is attracting interest from the United States, for example. South Korea, on the other hand, is a high-tech country with few raw materials, aiming to diversify its imports. South Korean companies such as car manufacturer Hyundai, Posco, and LS Cable have recently unveiled efforts to establish new Western supply chains for critical raw materials. However, the country is also deepening its cooperation with raw materials giant China.

Photo: iStock/f9photos

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