Vietnam, US offer training on sustainable rare earth development
Hanoi (VNA) – The Vietnam Geological Department (VGD) and the US Department of State's Bureau of Energy Resources partnered to host a technical training session on economic geology and mineral resource reserve valuation methods in Hanoi on March 21.
This event was within the framework of a Memorandum of Understanding previously signed by the both sides.
Speaking at the session, VGD Deputy Director Le Quoc Hung said Vietnam possesses around 60 different types of mineral resources across over 5,000 mines and exploitation sites, ranking second globally in terms of rare earth reserves.
The session aims to equip the Vietnamese mining officials with information and knowledge on rare earth elements, particularly their integration into the global supply chain up to international practices, he added.
Sharing
his insights on the prospects of the rare earth market, David Bird, a mining
valuation expert from Deloitte's mining consulting group in the US, said the
demand for this mineral is projected to surge significant in the coming decade,
driven by the growing use of rare earth permanent magnet (REPM) in electric
vehicles, wind turbines, and other purposes. Notably, this will translate into increased demand for rare earth elements such as neodymium REO
and magnetic praseodymium.
The
session explored key areas
such as the rare earth supply chain and market development strategies, economic
geology fundamentals, asset valuation methods, ownership rights and financial
regimes.
Participants proposed solutions to rare earth
development such as investing in eco-friendly processing technologies, issuing stable
tax policies and fees for a minimum period of around 10 years, and ensuring transparent
project implementation processes.
On the occasion, a seminar on the sustainable development
of Vietnamese rare earth resources was also held./.