Vietnam plans to restart its biggest rare-earths mine next year with a Western-backed project that could rival the world's largest.
Vietnam plans to restart its biggest rare-earths mine next year with a Western-backed project that could rival the world’s largest, according to two companies involved, as part of a broader push to dent China’s dominance in a sector that helps power advanced technologies.
Vietnam has the second-largest rare-earth deposits, according to the US Geological Survey. But they have remained largely untapped, with investment discouraged by low prices that are effectively set by China because of its near-monopoly on the global market. Visiting Hanoi this month to upgrade bilateral relations, US President Joe Biden signed an agreement to boost Vietnam’s ability to lure investors for its rare-earth reserves.
Asked about VinFast’s potential involvement, a spokesperson for parent company Vingroup said the group’s entity in charge of raw-material procurement, VinES, had no current plans with Blackstone involving rare earths. He did not address subsequent questions about VinFast specifically.
Tuan said VTRE hoped to win a concession that would allow it to extract about 10,000 metric tons of rare-earth oxide equivalent a year, roughly one-third of the mine’s expected annual output. Production could start around the end of 2024, he said. The US agreed during Biden’s visit to help Vietnam better map its rare-earths resources and “attract quality investment”, according to a White House fact sheet, a move that could encourage US investors to bid for Vietnam’s new concessions.could not determine whether concrete plans involving US investors exist at this stage. Officials at the US embassy in Hanoi, the White House and Department of Commerce did not reply to requests for comment.
This is not an easy feat. The US currently exports its rare-earth ores to China for processing as it lacks its own facilities.
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Insight: Inside Vietnam's plans to dent China's rare earths dominanceVietnam plans to restart its biggest rare-earths mine next year with a Western-backed project that could rival the world's largest, according to two companies involved, as part of a broader push to dent China's dominance in a sector that helps power advanced technologies.
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