Vietnam Plans to Re-start Rare Earth Mining
2023-10-30
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1Vietnam plans to restart its biggest rare earths mine next year.
2The project could greatly increase the supply of the elements to compete with China.
3The rare earth minerals help power advanced technologies.
4The United States Geological Survey (USGS) says rare earths are a set of 17 metallic elements that are necessary in the production of high-tech products from mobile phones and electric vehicles to advanced weapons.
5China only has about one-third of the world's rare earth reserves.
6But a 2022 study from Marsh McLennan says that the country now controls more than 60 percent of rare earth mining and 85 percent of processing capacity worldwide.
7The USGS estimates that Vietnam has the world's second-largest rare earth reserves after China.
8They have remained largely unmined.
9Last September, U.S. President Joe Biden signed an agreement during his Vietnam visit to help the country with getting investors to open mining operations.
10The agreement is a step toward helping the Southeast Asian country build up a rare-earths supply chain.
11The deal's terms include developing the country's ability to turn raw elements into metals used in magnets for electric vehicles, smartphones and wind turbines.
12As a first step, Vietnam's government plans to auction several areas of its Dong Pao mine to investors before the end of the year.
13Tessa Kutscher is an executive at Australia's Blackstone Minerals, a company that plans to bid on the project.
14Kutscher told Reuters news agency that Blackstone's investment would be worth around $100 million if it wins.
15She added that the company was talking to electric car makers, including VinFast and Rivian, about possible supply contracts.
16The Dong Pao mine has been inactive for at least seven years.
17Two Japanese companies, Toyota Tsusho and Sojitz, left mining projects at Dong Pao after China greatly increased the rare earth supply to bring the prices down.
18Refining rare earths is complex and China controls many processing technologies.
19Still, Hanoi University of Mining and Geology says that rare earths at Dong Pao are relatively easy to mine and are mostly concentrated in bastnaesite ores.
20These rare earth ores will then be ground into powder and processed into rare-earth oxide (REO).
21Luu Anh Tuan is the chairman of Vietnam Rare Earth (VTRE).
22The company is Vietnam's main refiner and Blackstone's partner in the project.
23He expected Dong Pao to produce about 30,000 metric tons of rare-earth oxide equivalent a year.
24That amount would put Dong Pao's output a little below that of California's Mountain Pass, one of the world's largest mines, which produced 43,000 metric tons of the element in 2022.
25In July, Vietnam's government said it planned to develop additional mines to produce up to 60,000 tons of REO equivalent a year by 2030.
26China set its own target of 210,000 tons last year.
27Once separated, oxides are turned into metals for use in magnets and other industrial products.
28China is the world's leader of the metallization process, producing 90 percent of rare-earth metals, the U.S. Department of Energy says.
29But VTRE is working on a project to build a metallization factory with South Korea's Setopia.
30Dudley Kingsnorth is a professor at the Western Australia School of Mines at Curtin University.
31He said Vietnam had some way to go to reach its rare-earth goals.
32Still, he said, Vietnam "has the resources, the mining and processing expertise to provide alternatives to China."
33I'm Caty Weaver.
1Vietnam plans to restart its biggest rare earths mine next year. The project could greatly increase the supply of the elements to compete with China. The rare earth minerals help power advanced technologies. 2The United States Geological Survey (USGS) says rare earths are a set of 17 metallic elements that are necessary in the production of high-tech products from mobile phones and electric vehicles to advanced weapons. 3China only has about one-third of the world's rare earth reserves. But a 2022 study from Marsh McLennan says that the country now controls more than 60 percent of rare earth mining and 85 percent of processing capacity worldwide. 4The USGS estimates that Vietnam has the world's second-largest rare earth reserves after China. They have remained largely unmined. Last September, U.S. President Joe Biden signed an agreement during his Vietnam visit to help the country with getting investors to open mining operations. 5The agreement is a step toward helping the Southeast Asian country build up a rare-earths supply chain. The deal's terms include developing the country's ability to turn raw elements into metals used in magnets for electric vehicles, smartphones and wind turbines. 6As a first step, Vietnam's government plans to auction several areas of its Dong Pao mine to investors before the end of the year. 7Tessa Kutscher is an executive at Australia's Blackstone Minerals, a company that plans to bid on the project. Kutscher told Reuters news agency that Blackstone's investment would be worth around $100 million if it wins. She added that the company was talking to electric car makers, including VinFast and Rivian, about possible supply contracts. 8Dong Pao mine 9The Dong Pao mine has been inactive for at least seven years. Two Japanese companies, Toyota Tsusho and Sojitz, left mining projects at Dong Pao after China greatly increased the rare earth supply to bring the prices down. 10Refining rare earths is complex and China controls many processing technologies. 11Still, Hanoi University of Mining and Geology says that rare earths at Dong Pao are relatively easy to mine and are mostly concentrated in bastnaesite ores. These rare earth ores will then be ground into powder and processed into rare-earth oxide (REO). 12Luu Anh Tuan is the chairman of Vietnam Rare Earth (VTRE). The company is Vietnam's main refiner and Blackstone's partner in the project. He expected Dong Pao to produce about 30,000 metric tons of rare-earth oxide equivalent a year. 13That amount would put Dong Pao's output a little below that of California's Mountain Pass, one of the world's largest mines, which produced 43,000 metric tons of the element in 2022. 14In July, Vietnam's government said it planned to develop additional mines to produce up to 60,000 tons of REO equivalent a year by 2030. China set its own target of 210,000 tons last year. 15Once separated, oxides are turned into metals for use in magnets and other industrial products. China is the world's leader of the metallization process, producing 90 percent of rare-earth metals, the U.S. Department of Energy says. 16But VTRE is working on a project to build a metallization factory with South Korea's Setopia. 17Dudley Kingsnorth is a professor at the Western Australia School of Mines at Curtin University. He said Vietnam had some way to go to reach its rare-earth goals. Still, he said, Vietnam "has the resources, the mining and processing expertise to provide alternatives to China." 18I'm Caty Weaver. 19Hai Do adapted this story for Learning English based on reporting from Reuters and other sources. 20_______________________________________________ 21Words in This Story 22advanced - adj. beyond the basic level; using new and modern methods 23bid - v. to offer to pay 24equivalent - n. having the same value 25alternative - n. a choice or option