SEOUL,
South Korea, May 24, 2024
/PRNewswire/ -- Trident Global Holdings, a prominent Korea-based
conglomerate with interests in mining, real estate, and carbon
capture technology, is pleased to announce the acquisition of
rights to three significant rare earth element mines in
Vietnam. Trident will undertake
the development and processing of these mines, providing the
necessary manpower, capital, technology, equipment, and other
support.
In collaboration with Vietnam's
Hung Hai Group, Trident will commence its new mining operations in
Vietnam later this year. Hung Hai
Group, which already owns three mines and mineral exploration
licenses in North Vietnam's
Lai Chau Province, will contribute
its assets, including the Bac (North) Nam Xe,
Nam (South) Nam Xe, and Dong Pao mines, which boast
confirmed reserves totaling several million tons. Going forward,
Hung Hai Group will handle mining-related tasks, while Trident will
oversee the development and processing of rare earth minerals.
The Bac Nam Xe and Nam Nam Xe mines, housing the largest rare
earth reserves in Vietnam, are
located in Lao Cai Province. These
two expansive mines, each spanning over 300 hectares, are set to be
jointly developed by Trident and Hung Hai Group. Current confirmed
reserves stand impressively at approximately 2 million tons and 3
million tons, respectively. The development plan includes ongoing
verification of these reserves and an ambitious expansion of the
mining areas through extensive exploratory drilling.
The Dong Pao mine, in which Hung Hai Group holds a 20% stake, is
being developed by the Lai Chau Rare Earth Joint Stock Company
(VIMICO). This ambitious project involves the mining and processing
of rare earth ore across an expansive area of approximately 1,000
hectares. It boasts estimated reserves of about 1.5 million tons.
According to current London Metal Exchange (LME) prices, the value
of these rare earth deposits is projected to increase exponentially
to hundreds of billions of dollars.
"This partnership marks a milestone as the first instance of a
Korean company led by an American CEO, directly investing in the
ownership and development rights of an overseas rare earth mine.
This is especially significant given the skyrocketing demand for
rare earth elements, which are crucial in the electronics, medical,
chemical, and defense industries. These materials are essential for
the production of electric vehicles, batteries, LCDs,
semiconductors, MRI machines, reaction catalysts, and much more.
Furthermore, this collaboration will create Vietnam's position as one of the leaders in
the next generation of leading technology providers,
establishing Vietnam as one of the
key countries to contribute to the world's generation to come,"
said Sam Chi, the American CEO of
Trident Global Holdings.
Over time, Trident and Hung Hai Group aim to establish a
comprehensive value chain that extends beyond mining. This
integrated approach will encompass refining, smelting, processing,
and the distribution of final products, thus solidifying their
position in the rare earth elements market. As part of its
commitment to sustainability, Trident intends to develop and deploy
new, environmentally responsible technologies for extracting and
processing the rare earth materials.
Photo -
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Media Contact:
Charlotte Luer
+1.239.404.6785
cluer@ljhfm.com
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SOURCE Trident Global Holdings