LS Eco Energy invests 19 million USD in rare earth development in Vietnam
(VOVWORLD) -LS Eco Energy, a subsidiary of LS Cable & System Ltd of South Korea, has approved a plan to invest approximately 28.5 billion won, equivalent to 19.2 million USD, in developing rare earth refinery in Ho Chi Minh City.
 LS Eco Energy factory (Photo: Iscns.co.kr) |
The investment will allow LS Eco Energy to participate more deeply in the global supply chain of strategic materials. Rare earth oxides from international suppliers will be brought to Ho Chi Minh City for refining into metals, and then supplied to high-tech manufacturing operations within LS Cable & System's global network.
In the long term, LS Cable & System aims to build a closed-loop rare earth value chain, from securing oxide sources and refining metals to producing permanent magnets. In this strategy, LS Eco Energy plays a key role in securing the supply and refining rare earth oxides with Vietnam and Australia as key locations.