USGS Lowers Estimate of Vietnam’s Rare Earth Production

According to MiningWeekly, citing Reuters, the United States Geological Survey (USGS) has revised down its estimate of Vietnam’s rare earth production for 2022, with production likely to decline further in 2023.

In October 2023, Vietnamese authorities arrested executives of a company cooperating with Western firms on rare earth projects. It is unclear whether this arrest is related to the USGS’s data revision.

USGS data shows that despite Vietnam having the world’s second-largest rare earth reserves of 22 million tons (REO, Rare Earth Oxide), the country’s production in 2022 was only 1,200 tons.

The agency had previously estimated Vietnam’s rare earth production for 2022 at 4,300 tons. In its new forecast, the USGS estimates that last year’s production was only 600 tons.

Rare earths are widely used in various industries, including electric vehicles, power batteries, renewable energy, as well as electronics and defense industries.

Reuters quoted executives from Australian mining company Blackstone Minerals, who said that before the arrest, Vietnam planned to tender for the country’s largest undeveloped rare earth mine. Blackstone planned to bid with one of two Vietnamese companies accused of illegal rare earth trade, whose executives were later arrested.

Blackstone Minerals and the Ministry of Environment, responsible for mining project management, have not responded to requests for comment on whether the tender for the rare earth mine will continue.

The United States has agreed to expand cooperation with Vietnam on rare earths, most of which are undeveloped in Vietnam and can be considered as an option for rare earth supply.

The U.S. Embassy in Hanoi has not responded to email requests for comment.

[Source – 上海有色网] USGS下调越南稀土产量估值

Company Statement: The article whose author is not ‘DZS-trading company’ is sourced from the Internet, all copyrights belong to the original author and only represent the views of the original author. Republishing does not imply that DZS-trading endorses the views expressed, or verifies the authenticity, completeness, and accuracy of its content. The information contained in this article is for reference only and should not be construed as direct decision-making advice to our customers from DZS-trading. The republishing is solely for the purposes of learning and communication. If we have unintentionally infringed upon your legitimate rights and interests, please contact us promptly for resolution.

Read more posts:

Work together for common development

Send us a message and stay connected

Scroll to Top