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Vietnam’s largest rare earth mine’s 2022 revenue less than US$10K

Lai Chau-Vimico Rare Earth, which owns the largest rare earth mine in Vietnam reported revenue of just VND 240 million (US$9,800) in 2022, The Investor is reporting. The mine has reportedly been in operation since 2008 with varying degrees of success–2021 was a markedly better year with revenue of VND 16.5 billion (US$674,700).

Why it matters: Vietnam reportedly has the second-largest reserves of rare earths in the world, but it hasn’t had much luck getting them out of the ground. It was, however, high on the agenda when Biden was in town and agreements were made to work together on developing these resources. That said, an op-ed in the China Daily a few weeks ago dubbed the US and Vietnam’s rare earth ambitions ‘unrealistic’. This news does little to assuage these claims.

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