Trident Global and Zoetic to co-develop rare earth mines
Korea's Trident Global Holdings and US-based Zoetic Global have created a JV with 'the potential to generate billions in economic value and to implement sustainable practices in rare earth mining.'
Trident already has a strategic cooperation development agreement with Vietnam's Hung Hai Group, which is the owner of three mines in Lai Chau Province. These sites hold reserves of around 7 million metric tons of valuable rare earth elements – approximately 7% of the known rare earth deposits in the world.
Through this collaboration, Zoetic and Trident will develop and operate these mines with the following industrial customers in mind:
- Semiconductors: Rare earth elements are critical for semiconductor manufacturing and will help drive advances in artificial intelligence chip design.
- Renewable Energy: Rare earth magnets are used in wind turbines and other clean energy technologies aimed at reducing carbon emissions.
- Aerospace and Defence: Strengthening the supply chain for critical defense applications.
- Electronics: Providing essential materials for the production of smartphones, computers, televisions, and other advanced electronic devices.
- Electric Vehicles: Supplying critical components for batteries and motors, contributing to the growth of the electric vehicle market.
- Medical Imaging and Biotech: Supporting advancements in medical imaging and other healthcare technologies such as MRI and PET scanners.
"Vietnam holds approximately 20 percent of the world's rare earth reserves. This collaboration, along with Hung Hai Group, will unlock significant financial value for Vietnam, profoundly impacting and benefiting the Vietnamese government and its people by introducing new mining business ventures and technologies. This partnership will also ensure the sustainable management of rare earth elements for the global marketplace," said Sam Chi, CEO of Trident Global Holdings in a press release. "We are thrilled about our strong collaboration with Zoetic Global, especially as the demand for rare earth elements is expected to surge over the next decade."
