The owners of Vietnam’s only rare earth processing plant, Vietnam Rare Earth JSC (VTRE), has announced it is partnering with Australia’s Blackstone Minerals to arrange an auction for a mining licence for Vietnam’s Dong Pao mine, The Investor is reporting. The Dong Pao mine is a 132-hectare site in northern Vietnam covering an estimated 11.3 million tons of rare earths.
Why it matters: Rising tensions between the US and China (the world’s biggest source of rare earths) on the tech front have seen an increased interest in Vietnam’s rare earth resources which are reportedly the second biggest in the world. Vietnam has, however, struggled to develop its rare earth industry with Lai Chau-Vimico Rare Earth (Lavreco), the owner of the Dong Pao mine, reporting revenue of just VND 240 million ($9,800) last year. This suggests expertise may be needed, which Blackstone Minerals appears to have, and therefore this could be a welcome step forward for the industry.