Vietnam plans to extract two million tons of rare earths annually
August 28, 2023
Tran Hong Ha, the Deputy Prime Minister of Vietnam, has approved a comprehensive development plan that could boost the production of rare earths in the country, with around two million tons extracted annually by 2030, reports the Saigon Times.
According to data from a United States Geological Survey, Vietnam possesses 18% of the world’s total rare earth reserves.
As part of the approved plan, the Government will look into licensed rare earth mines in Lai Chau Province, including Bac Nam Xe and Nam Nam Xe. Further surveys will also be conducted to explore opportunities for licensed and new mines in Lai Chau, Lao Cai, and Yen Bai provinces.
The plan is also said to involve enhancing technological advancements, exploring new markets, and increasing the deep processing of rare earths at existing mines, such as Dong Pao in Lai Chau Province and Yen Phu in Yen Bai Province. Furthermore, there are reported plans to complete the construction of a rare earths processing facility in Yen Phu Commune in Yen Bai Province.
Three hydrometallurgical, processing and minerals separation projects, will be built in Lai Chau and Lao Cai provinces to process total rare earth oxide (TREO) and rare earth oxide (REO) in order to facilitate processing capabilities.
From 2031 to 2050, Vietnam plans to conduct additional surveys of licensed rare earth mines and explore new mining opportunities in Lai Chau and Lao Cai provinces. The government aims to expand investments in operating mines, focusing on deep processing of rare earth metals aiming for an annual output of 40,000-80,000 tons each of TREO and REO.
In addition, there will be consideration for new investments in a metallurgical factory with a capacity of 7,500-10,000 tons per year.
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