The government of Vietnam has developed a plan to significantly boost rare earth metals mining in the country to 2.02 million metric tons per year by 2030, according to Reuters. Last year’s mining volume amounted to 4,300 tons, meaning it will need to increase approximately 470 times over the next eight years.
Vietnam currently ranks sixth in the world in terms of rare earth metals mining. China holds the top position, having extracted 210,000 tons last year. However, Vietnam is second in the world in terms of estimated rare earth metals reserves, trailing only China. Vietnam’s reserves are estimated at 22 million tons, primarily concentrated in the northwest of the country near the border with China.
The government aims to transition to renewable energy sources as soon as possible, which will require the use of rare earth metals. Part of the mined metals will also be allocated for export, as outlined in the government-approved plan. Only companies equipped with modern technology and adhering to environmental standards will be allowed to participate in the mining and processing operations.
In addition to mining natural resources, Vietnam also plans to invest in rare earth elements processing plants, with the goal of producing 20,000 to 60,000 tons of rare earth oxide annually by 2030.
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