Vietnam, S Korea, US firms team up to extract, process rare earths

South Korea’s Trident Global Holdings and the United States’ Zoetic Global will establish a joint venture to co-develop premium rare earth mines in Vietnam, ensuring access to the critical elements for many companies.

In a Thursday statement, Zoetic Global said it had already reached a strategic deal with Vietnam’s Hung Hai Group to support the new establishment. Hung Hai Group is the owner of three mines in Vietnam’s northern mountainous province of Lai Chau.

Trident will partner with Zoetic Global to deliver eco-friendly technologies to maximize the efficiency of rare earth production.

"Vietnam holds approximately 20% of the world's rare earth reserves. This collaboration, along with Hung Hai Group, will unlock significant financial value for Vietnam," said Sam Chi, CEO of Trident Global Holdings.

These mines, including Bac (North) Nam Xe, Nam (South) Nam Xe, and Dong Pao, collectively possess confirmed reserves totaling seven million metric tons of rare earth elements.

Through this collaboration, Zoetic Global and Trident Global Holdings will develop and operate these important mines with innovative solutions to remediate waste streams, making the process cleaner and more sustainable.

The venture will access approximately 7% of the known rare earth deposits in the world, with a high percentage of the more valuable rare earth elements.

Rare earths are critical elements used in manufacturing semiconductors for wind turbines, aerospace and defense, electronics, electric vehicles, and medical imaging and biotechnology.

Tim Ryan, Zoetic Global's chief global business development officer, highlighted: "This joint venture guarantees that U.S. technology, aerospace, and defense companies have a significant presence and influence in the global market."