According to the planning for exploration, exploitation, process and use of minerals in the period of 2021 - 2030, with a vision to 2050, which have just been approved by the Government, Vietnam is expected to exploit about 2 million tons of ores each year.
2nd ranking in the world in terms of reserves
Vietnam is a country with abundant mineral resources, especially rare earth resources.
According to the US Geological Survey, rare earth reserves in Vietnam reach 22 million tons, in the group of 5 countries with the largest rare earth reserves in the world. According to this organization's ranking, Vietnam ranks second in the world in terms of rare earth reserves, accounting for 18% of the total rare earth reserves in the world.
Rare earths are distributed mainly in the Northwest region, including Lai Chau, Lao Cai and Yen Bai provinces. In other provinces, rare earth ores have only been discovered, with little investment in research. In which, Dong Pao rare earth mine, located in Ban Hon commune, Tam Duong district (Lai Chau) is the largest rare earth mineral mine in Vietnam at the present time, with a total area of more than 11km2, reserves of over 5 million tons of oxides and the main ore bodies are F3 and F7, a rare ore that is needed in the manufacture of electronic technology.
The Department of Geology of Vietnam is being assigned to conduct a comprehensive investigation of rare earths in the Northwest region and across the country. It is expected that in 2024 the Department will have a published report.
Strategic direction
In the planning for exploration, exploitation, processing and use of minerals in the period of 2021 - 2030, with a vision to 2050, Vietnam determined: for rare earths, the period from now to 2030 will complete tasks related to licensed exploration project at Bac Nam Xe and Nam Xe rare earth mines (Lai Chau). Exploring, upgrading and expanding mines licensed for exploitation and investing in new exploration in Lai Chau, Lao Cai and Yen Bai.
Enhancing further search for mining technologies and markets associated with deep processing of rare earth minerals that have been licensed to exploit at mines such as Dong Pao (Lai Chau), Yen Phu (Yen Bai). At the same time, completing the rare earth processing factory in Yen Phu commune (Van Yen district, Yen Bai province). To process total rare earth oxides (TREO) 3 hydrometallurgy will be invested - rare earth processing projects in Lai Chau and Lao Cai provinces with processed products by 2030 expected to reach from 20,000 - 60,000 tons/year.
Separate rare earth processing (REO) will invest in new extraction and processing projects in Lai Chau and Lao Cai provinces or suitable locations for separate rare earth processing products by 2030. from 20,000 to 60,000 tons/year.
In the period from 2031 to 2050, additional exploration of rare earth mines has been licensed for exploitation and new exploration of 1-2 mines in Lai Chau and Lao Cai.
Maintaining the operation of existing projects, investing in expanding Dong Pao mining and investing in 3-4 other new projects in Lai Chau, Lao Cai if there are synchronous investors from exploration, exploitation, processing associated with the product consumption market. Total mining output is expected to be about 2 million tons of raw ore per year.
Based on the actual situation, investing in expanding and increasing the capacity of existing projects, focusing on deep processing of rare earth metals. Total rare earth oxides (TREO) reach from 40,000 - 80,000 tons/year; isolated rare earths (REO) from 40,000 to 80,000 tons/year.
New investment in rare earth metallurgy plant, selected investment factory location with total capacity of rare earth metals from 7,500 - 10,000 tons/year.
Positive signal
After conducting a field survey and discussing with the leaders of the People's Committee of Lai Chau province, in May 2023, representatives of some departments and branches of Lai Chau province and the Korean Star Group Industries Company discussed the implementation of test mineral processing technology project in Tam Duong district on the basis of a joint venture with a Vietnamese company.
Previously, in early 2023, Landel Energy Company (Korea) also had a meeting with leaders of Lai Chau province to discuss solutions for cooperation in rare earth mining. At the meeting, Mr. Yoon Jeong Seop, General Director of Landel Energy Company expressed his desire to survey and search for markets and cooperate in investment in Lai Chau province.
At the end of 2022, a delegation of experts from the Korea Institute of Geosciences and Minerals (KIGAM) also worked with the province to discuss cooperation in exploration and exploitation of rare earths in Lai Chau. The Korean delegation hopes to soon sign a memorandum of understanding (MoU) in the research and trial production of rare earths at Dong Pao rare earth mine (Tam Duong district, Lai Chau).
Most recently, during the visit to Vietnam of President Yoon Suk Yeol and 205 businesses from June 22 to 24, Korea and Vietnam signed a memorandum of understanding (MoU) to set up a supply chain center for rare earths and other important minerals to ensure a stable supply for Korean companies and encourage them to invest in Vietnam. This cooperation is an important turning point to help Vietnam enter the worldwide supply chain.