Trident Global Holdings Acquires Rights to Rare Earth Element Mines in Vietnam
Trident Global Holdings, a prominent Korea-based conglomerate with interests in mining, real estate, and carbon capture technology, has announced the acquisition of rights to three significant rare earth element mines in Vietnam. Trident will provide the necessary manpower, capital, technology, and equipment for the development and processing of these mines.
In partnership with Vietnam's Hung Hai Group, Trident will begin its mining operations in Vietnam later this year. Hung Hai Group, which owns three mines and mineral exploration licenses in North Vietnam's Lai Chau Province, will contribute its assets, including the Bac Nam Xe, Nam Nam Xe, and Dong Pao mines. These mines have confirmed reserves totaling several million tons. Hung Hai Group will manage mining-related tasks, while Trident will oversee the development and processing of rare earth minerals.
The Bac Nam Xe and Nam Nam Xe mines, located in Lao Cai Province, contain the largest rare earth reserves in Vietnam, spanning over 300 hectares each. These mines have confirmed reserves of approximately 2 million tons and 3 million tons, respectively. The development plan includes verifying these reserves and expanding 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 project involves mining and processing rare earth ore across an area of about 1,000 hectares, with estimated reserves of approximately 1.5 million tons. Based on current London Metal Exchange prices, the value of these rare earth deposits is projected to reach hundreds of billions of dollars.
Sam Chi, the American CEO of Trident Global Holdings, stated, "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 elevate Vietnam's position as a leading provider of next-generation technologies, contributing significantly to the global tech landscape."
