South Korea's LS Eco Energy signs large-scale rare earth supply agreement with Vietnamese company
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Update time : 2024-01-22 10:14:33
LS Eco Energy (formerly known as LS Cable & System Asia) has become the first South Korean company to sign a large-scale, long-term rare-earth sourcing contract in Vietnam, which is expected to stabilize its rare-earth supply chain by diversifying its sources of rare-earth imports, which have long been highly dependent on China.
On January 10, LS Eco Energy announced that it had signed a rare earth oxide procurement agreement with Hung Thinh Minerals in Vietnam. The company will represent neodymium, dysprosium and other metals refined by Hung Thinh Minerals for Korean and foreign permanent magnet companies. Permanent magnets are used in the production of drive motor cores, a key component of secondary batteries.
LS Eco Energy plans to increase rare earth supply from 200 tons in 2024 to more than 500 tons in 2025. The current market price for neodymium is about $100 million per ton.
The deal marks the first large-scale rare earth supply chain opened by a South Korean company outside of China. in November 2023 China required rare earth exporters to report information such as export destinations, and in December 2023 China added rare earth mining and refining technology to its export ban list.
Vietnam has become the world's second-largest rare earth reserve country/region after China and is expected to have a steady supply of rare earths in the future.LS Eco Energy plans to take the lead in the rare earth business in Vietnam with the company's local network that has been built up over the past nearly 30 years.
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