Trident Global Holdings (Trident) has formed a joint venture with Zoetic Global to jointly develop rare earth mines and ensure U.S. and international industries have access to these critical elements.
The JV will leverage Trident’s existing cooperation agreement with Vietnam’s Hung Hai Group, which owns three mines in Lai Chau province in northern Vietnam.
Zoetic and Trident will develop and operate these mines.
These mines, Bac Nam Xe, Nam Nam Xe and Dong Pao, have confirmed reserves of seven million tonnes of rare earth elements.
Zoetic Global and Trident aim to use the latest environmentally friendly technologies to improve the efficiency of rare earth metals production.
The solutions are designed to remediate waste streams, promoting a cleaner and more sustainable mining process.
Avery Hong, CEO of Zoetic Global, said: “We are inspired by the CHIPS Act, which underscores the critical need to secure and strengthen our supply chains.
“The disruptions caused by the Covid-19 pandemic have highlighted the importance of ensuring supply chain integrity.
“By recovering and retrieving critical technologies and materials, we can strengthen economic resilience and reduce dependence on foreign sources.”
This collaboration will give the JV access to nearly 7% of the world’s known rare earth metal reserves, including a high percentage of the heavier and more valuable elements.
In addition, this move is expected to secure essential supplies for key sectors such as aerospace and defense, biotechnology, electric vehicles, electronics, medical imaging, renewable energy and semiconductors.
Sam Chi, CEO of Trident, said: “Vietnam has approximately 20% of the world’s rare earth reserves.
“This collaboration, together with Hung Hai Group, will unlock significant financial value for Vietnam, with profound impact and benefits for the Vietnamese government and its people through the introduction of new mining ventures and technologies.
“This partnership will also ensure the sustainable management of rare earths for the global market. We are excited about our strong collaboration with Zoetic Global, especially as the demand for rare earths is expected to increase over the next decade.”
“Trident and Zoetic form JV to develop rare earth mines” was originally created and published by Mining technologya brand of GlobalData.
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