Korea’s Trident accesses three rare earth mines in Vietnam

Trident Global Holdings, a South Korea-based conglomerate focused on mining, real estate, and carbon capture technology, has announced the acquisition of rights to three rare earth mines in Vietnam.

Under a cooperation agreement recently signed with Hung Hai Construction Company, a member of Vietnam's Hung Hai Group, Trident will commence its new mining operations in Vietnam later this year.

Hung Hai Group, which already owns three mines and mineral exploration licenses in the northern Vietnamese province of Lai Chau, will contribute its assets, including the Bac Nam Xe, Nam Nam Xe, and Dong Pao mines. The three mines boast confirmed reserves totaling several million tons.

Going forward, Hung Hai Group will handle mining-related tasks, while Trident will oversee the development and processing of rare earth minerals.

Trident will undertake the development and processing of these mines, providing the necessary manpower, capital, technology, equipment, and other support, the firm said in a statement.

The Bac Nam Xe and Nam Nam Xe mines, each spanning over 300 hectares, are set to be jointly developed by Trident and Hung Hai Group. Current confirmed reserves are approximately 2 million tons and 3 million tons, respectively.

The development plan includes ongoing verification of these reserves and an ambitious expansion of the mining areas through extensive exploratory drilling.

The Dong Pao mine, in which Hung Hai Group holds a 20% stake, is being developed by Lai Chau Rare Earth Joint Stock Company (Vimico). This project involves the mining and processing of rare earth ore across an expansive area of approximately 1,000 hectares. It boasts estimated reserves of about 1.5 million tons.

“This collaboration will cement Vietnam's position as one of the leaders in the next generation of leading technology providers, establishing Vietnam as one of the key countries to contribute to the world's generations to come," said Sam Chi, CEO of Trident Global Holdings.

Looking ahead, Trident and Hung Hai Group aim to establish a comprehensive value chain that extends beyond mining to include refining, smelting, processing, and the distribution of final products.