In a groundbreaking move, South Korea’s Trident Global Holdings and the United States’ Zoetic Global have announced a joint venture to co-develop premium rare earth mines in Vietnam. This partnership aims to secure access to critical elements necessary for various industries.
Zoetic Global revealed in a statement on Thursday that they have already sealed a strategic deal with Vietnam’s Hung Hai Group to facilitate the establishment of the new venture. Hung Hai Group owns three mines in Vietnam’s Lai Chau province, which will be utilized in this collaboration.
Trident will work hand in hand with Zoetic Global to implement eco-friendly technologies that enhance the efficiency of rare earth production. With Vietnam holding about 20% of the world’s rare earth reserves, this collaboration is expected to unlock significant financial value for the country, as stated by Sam Chi, CEO of Trident Global Holdings.
The mines, including Bac Nam Xe, Nam Nam Xe, and Dong Pao, collectively boast confirmed reserves totaling seven million metric tons of rare earth elements. Through this endeavor, innovative solutions will be employed to remediate waste streams, thereby making the process cleaner and more sustainable.
The joint venture will tap into approximately 7% of the known rare earth deposits worldwide, with a notable proportion of the more valuable rare earth elements. These elements are crucial components in manufacturing semiconductors for various sectors such as wind turbines, aerospace and defense, electronics, electric vehicles, and medical imaging and biotechnology.
Tim Ryan, Zoetic Global’s chief global business development officer, emphasized the significance of this collaboration in ensuring a strong presence for U.S. technology, aerospace, and defense companies in the global market. This partnership seems poised to reshape the rare earth industry and drive innovation in sustainable mining practices.
