Vietnam plans to exploit 2 million tons of rare earth ore per year

Vietnam will step up the search for technology and mining markets associated with deep processing of rare earths, with an estimated total output of more than 2 million tons of ore per year.

According to the Plan for exploration, exploitation, processing and use of minerals in the 2021-2030 period, with a vision to 2050, recently approved by the Prime Minister , enterprises licensed to exploit rare earth mines must have sufficient capacity and invest in appropriate processing projects, use advanced technology, modern equipment, and protect the environment.

By 2030, licensed mines such as Bac Nam Xe and Nam Nam Xe ( Lai Chau ) will complete exploration. Many other mines in Lai Chau, Lao Cai, and Yen Bai will be explored and expanded. The two mines that are focused on exploitation are Dong Pao (Lai Chau) and Yen Phu (Yen Bai) with an estimated annual ore output of 2 million tons.

After 2030, in addition to expanding the Dong Phao mine, there will be 3-4 new mining projects in Lai Chau and Lao Cai , increasing total output by more than 100,000 tons of rare earth ore per year.

Rare earths at a mine in Northwest Vietnam. Photo: Gia Chinh

Enterprises are encouraged to produce individual rare earth elements (REO). The rare earth processing plant in Yen Phu commune, Van Yen district, Yen Bai province will be completed in 7 years.

For rare earths alone, the Government plans to build extraction and processing projects in Lai Chau and Lao Cai with a capacity of 20,000-60,000 tons/year. These two provinces will also have three hydrometallurgical projects for processing rare earths.

Rare earths include 17 elements, most of which play an irreplaceable role in the production of high-tech equipment, batteries, permanent magnets for electric vehicles, wind turbines, aircraft, telephones and the defense industry.

According to the 2022 announcement of the US Geological Survey, China has the largest rare earth reserves, 44 million tons; followed by Vietnam with 22 million and Brazil with 21 million tons. Countries such as Russia, Mongolia, and India also have rare earths but with smaller reserves.

The American Chamber of Commerce in Vietnam estimates that the global rare earth market is worth about $10 billion, and the market for products using rare earths is more than $1,000 billion. Meanwhile, the supply outside of China is only from a few production facilities such as Lynas (Australia), MP Materials (USA), Neo Silmet (Estonia), Toyota Tsusho (Japan), Vietnam Rare Earth Joint Stock Company...

In Vietnam, since 2014, the Ministry of Natural Resources and Environment has licensed businesses to exploit two rare earth mines in Lai Chau and Yen Bai, but to date neither mine is in operation.

vnexpress.net