The owner of Vientam’s Dong Pao mine, estimated to hold the biggest reserves of rare earths in the country, has announced it is looking for a partner to develop the mine further. 

The company, Lavreco, which is a subsidiary of Vinacomin-Minerals Holding Corporation which is part of state-owned miner Vinacomin, has had the licence on the mine for over ten years but progress has been slow.  Of note, the company recorded revenue of just US$9,800 in 2022.  

That said, 2023 was a much better year with the revenue of VND 149 billion or US$5.85 million. It’s not clear exactly how revenue jumped so significantly, however, several executives from a handful of companies involved in the project were arrested last year for suspect tax records.

See also: Vietnam’s Rare Earth Partnership Contenders: Unpacked