POSCO International Launches $16M Fund to Secure Rare Earth Supply Chain for EV Motors

India is expected to increase domestic production of rare earth permanent magnets, such as lithium, targeting 5,000 mt by 2030. This move aims to reduce reliance on imports and gradually establish a solid foundation for critical minerals in China.

Australian producer Lynas Rare Earths is working to produce rare earth metals at a plant in Vietnam that will be built by South Korean company LS Eco Energy, with priority initially given to the production of samarium. Lynas said that under a preliminary agreement, it will supply rare earth oxides to LS Eco Energy’s rare earth metal plant expected to be established in Vietnam for further processing.

The Ministry of Agriculture and Environment in Vietnam has issued Consolidated Document No. 21/VBHN-BNNMT, detailing a number of provisions, including regulations on the management of rare earth elements. Specifically, in addition to complying with regulations on strategic and important minerals, the surveying, exploration, exploitation, processing, and use of rare earths must follow the national rare earth usage strategy. Activities related must ensure the principles of resource protection, environmental protection, and sustainable development; link extraction and processing with deep processing to increase added value and ensure technological self-reliance; not export rare earth minerals that have not met the required deep-processing standards; and only export deeply processed products.