Trident and Zoetic form JV to develop rare earth mines

Trident Global Holdings (Trident) has established a joint venture with Zoetic Global to co-develop rare earth mines and ensure U.S. and global industries have access to these critical elements.

The JV will build on Trident’s existing cooperation and development agreement with Vietnam’s Hung Hai Group, which owns three mines in Lai Chau province in northern Vietnam.

The partnership will see Zoetic and Trident develop and operate these mines.

These mines, Bac Nam Xe, Nam Nam Xe and Dong Pao, have confirmed reserves of seven million tons of rare earth elements.

Zoetic Global and Trident aim to use the latest green technologies to increase the efficiency of rare earths 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 protect and strengthen our supply chains.

“The disruptions caused by the Covid-19 pandemic have highlighted the importance of ensuring supply chain integrity.

“By transferring and relocating critical technologies and materials, we can strengthen economic resilience and reduce dependence 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 heavier and more valuable elements.

Furthermore, the measure is expected to secure critical supplies for key industries such as aerospace and defense, biotechnology, 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, together with Hung Hai Group, will unlock significant financial value for Vietnam, profoundly impacting and benefiting the Vietnamese government and its people through the introduction of new mining business ventures and technologies.

“This partnership will also ensure the sustainable management of rare earth elements for the global market. We are excited about our strong collaboration with Zoetic Global, especially as demand for rare earth elements is expected to increase over the next decade.”

“Trident and Zoetic form JV to develop rare earth mines” was originally created and published by Mining Technologya brand owned by GlobalData.

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