Vietnamese firm to supply 100 tons of rare earth to Australia
The Australian Strategic Materials (ASM) and Vietnam Rare Earth Company (VTRE) have signed a deal for the latter to supply 100 tons of rare earth oxides this year.
The materials will be used as feed stock at ASM’s Korean Metal Plant (KMP), with prices determined by a formula-based mechanism.
The rare earth oxides will help to ramp up production at KMP in line with sales progress, and ensure greater oversight of the supply chain following sustainability and governance commitments, said ASM managing director and CEO Rowena Smith.
ASM remains committed to developing its project in South Korea via KMP, and the agreement with VTRE will provide KMP with a multi-source option, Smith continued.
ASM CEO Rowena Smith (center) and VTRE CEO Luu Anh Tuan (third, right) at the signing of the agreement in Hanoi on April 30, 2023. Photo courtesy of ASM.
In December 2022, VTRE, based in Vietnam’s northern province of Ha Nam, signed a contract to annually export 1,000-2,000 tons of rare earth to South Korea. Under the deal, the Vietnamese firm will supply rare earth oxides worth $50 million over five years to Korean Strategic Materials Metals (KSMM), a subsidiary of ASM.
Rare earth elements are necessary components for many high-tech applications, such as cellphones, computer hard drives, electronic displays, radar, and sonar systems.
Vietnam’s rare earth reserves total about 22 million tons, according to a report by the U.S. Geological Survey.
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