https://www.miningweekly.com
Environment|Mining|Projects|Resources|Products
Environment|Mining|Projects|Resources|Products
environment|mining|projects|resources|products

US slashes estimates on Vietnam rare earths mining output

1st February 2024

By: Reuters

  

Font size: - +

HANOI - The United States geological agency has greatly revised down earlier estimates for Vietnam's rare earths output in 2022 and expects a further drop in mining production last year, according to its annual statistics released at the end of January.

The revision by the US Geological Survey (USGS) came after Vietnamese authorities arrested in October corporate executives that were partnering with Western companies to develop rare earths mining projects in Vietnam. There is no clear link between the USGS revision and the arrests.

The USGS did not immediately reply to a request for comment about its new estimates.

Despite having the world's second-largest deposits of rare earths, estimated at around 22-million tons of rare earths oxide (REO) equivalent, Vietnam extracted only 1 200 t in 2022, the statistics from the USGS show.

The agency had earlier estimated that Vietnam mined 4 300 t in 2022. In its new forecast, it estimates output fell to just 600 t of REO equivalent last year.

Rare earths are used in multiple industries, including electric vehicles, auto batteries and renewables, and have several applications in electronic and military products.

Before the arrests, Vietnam was planning new tenders for mining concession at its largest rare earths mine, which is still largely untapped, Reuters reported in September citing an executive at Australia's mining company Blackstone Minerals. Blackstone was planning to bid together with one of the two Vietnamese companies accused of illegally trading rare earths and whose executives were later arrested.

Blackstone and Vietnam's environment ministry, which is in charge of mining projects, did not immediately reply to requests for comment about whether the tenders were still planned for rare earths mines.

The United States has agreed to boost cooperation on rare earths with Vietnam, whose large untapped resources are seen as an alternative source of the minerals. China has the world's largest deposits of rare earths and dominates the extraction and processing of the critical minerals.

The US embassy in Hanoi did not immediately respond to an emailed request for comment.

Edited by Reuters

Comments

Showroom

SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.177 0.209s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: