LS Eco Energy’s new investment is estimated at approximately 28.5 billion KRW ($19.2 million).

LS Eco Energy, a company specialising in renewable energy
and rare earth elements under the Republic of Korea (RoK)’s LS Cable
System, announced on December 17 that it has approved a plan to expand its rare
earth metal business in Vietnam, in a bid to seek long-term growth in the
strategic materials sector, according to a report from the Vietnam News Agency.

The new investment is estimated at approximately 28.5 billion KRW ($19.2 million).

The company aims to create an
integrated value chain, including raw materials, rare earth oxides, and refined
metals.

According to the plan, rare earth oxides supplied by global mining companies
will be processed into metals at LS Eco Energy’s facilities in Vietnam, with
downstream applications such as permanent magnets being produced through LS
Cable System’s overseas operations.

LS Eco Energy intends to establish a rare earth metal
refinery at LS Cable System’s branch in Ho Chi Minh City (LSCV), where it
will refine rare earth oxides sourced from mining companies to produce rare
earth metals. The company is currently in negotiations with several global
mining firms to supply rare earths and establish a joint venture (JV). The
final investment amount may be adjusted based on the JV’s equity ratio and the
progress of the business.

Rare earth metals are crucial for manufacturing permanent
magnets used in the motors of robots, wind turbines, and electric vehicles.

Vietnam News Agency-Khanh Van