Trident Global Holdings (Trident) has established a JV with Zoetic Global to co-develop rare earth mines and ensure that US and global industries have access to these critical elements.
The JV will leverage Trident's existing cooperation development agreement with Vietnam's Hung Hai Group, which owns three mines in Lai Chau Province, northern Vietnam.
The partnership will see Zoetic and Trident developing and operating these mines.
These mines, Bac Nam Xe, Nam Nam Xe and Dong Pao, have confirmed reserves of seven million tonnes of rare earth elements.
Zoetic Global and Trident aim to utilise the latest environmentally friendly technologies to enhance the efficiency of rare earth production.
The solutions are designed to remediate waste streams, promoting a cleaner and more sustainable mining process.
Zoetic Global CEO Avery Hong said: “We were inspired by the CHIPS Act, which underscores the critical need to secure and strengthen our supply chains.
“The disruptions from the Covid-19 pandemic have highlighted the importance of ensuring supply chain integrity.
“By onshoring and reshoring critical technologies and materials, we can bolster economic resilience and reduce dependency on foreign sources.”
This collaboration will give the JV access to nearly 7% of the world's known rare earth deposits, which include a high percentage of the heavier and more valuable elements.
Additionally, the move is expected to secure critical supplies for key industries such as aerospace and defence, biotech, electric vehicles, electronics, medical imaging, renewable energy and semiconductors.
Trident CEO Sam Chi said: “Vietnam holds approximately 20% of the world's rare earth reserves.
“This collaboration, along with Hung Hai Group, will unlock significant financial value for Vietnam, profoundly impacting and benefitting the Vietnamese Government and its people by introducing new mining business ventures and technologies.
“This partnership will also ensure the sustainable management of rare earth elements for the global marketplace. We are thrilled about our strong collaboration with Zoetic Global, especially as the demand for rare earth elements is expected to surge over the next decade.”
