Daily Management Review

Reuters: Vietnam sets to increase production of rare-earth elements by 470 times


A plan created by the Vietnamese government envisages that the nation will produce 2.02 million tonnes of rare-earth elements annually by 2030, according to Reuters.

The output was 4.3,000 tonnes at the year's end. It should therefore grow by almost 470 times in eight years.

Vietnam is the sixth-largest producer of rare-earth elements worldwide. The country has 22 million tonnes of the elements in its ground. The deposits are mostly concentrated in the country's northwest, close to the Chinese border.

The government aims to transition to renewable energy sources as quickly as possible, for which the elements are needed. The government-approved plan calls for export of some of the mined metals, and only businesses with cutting-edge machinery and compliance with environmental laws will be permitted to mine and process the metals.

source: reuters.com