Industry News

South Korea's LS Eco Energy signs large-scale rare earth supply agreement with Vietnamese company

Update time : 2024-01-22 10:14:33

LS Eco Energy (formerly known as LS Cable & System Asia) has become the first South Korean company to sign a large-scale, long-term rare-earth sourcing contract in Vietnam, which is expected to stabilize its rare-earth supply chain by diversifying its sources of rare-earth imports, which have long been highly dependent on China.
On January 10, LS Eco Energy announced that it had signed a rare earth oxide procurement agreement with Hung Thinh Minerals in Vietnam. The company will represent neodymium, dysprosium and other metals refined by Hung Thinh Minerals for Korean and foreign permanent magnet companies. Permanent magnets are used in the production of drive motor cores, a key component of secondary batteries.
LS Eco Energy plans to increase rare earth supply from 200 tons in 2024 to more than 500 tons in 2025. The current market price for neodymium is about $100 million per ton.
The deal marks the first large-scale rare earth supply chain opened by a South Korean company outside of China. in November 2023 China required rare earth exporters to report information such as export destinations, and in December 2023 China added rare earth mining and refining technology to its export ban list.
Vietnam has become the world's second-largest rare earth reserve country/region after China and is expected to have a steady supply of rare earths in the future.LS Eco Energy plans to take the lead in the rare earth business in Vietnam with the company's local network that has been built up over the past nearly 30 years.

Previous : Investment of $276 million Japanese chip equipment maker Disco will build a new factory in Hiroshima Prefecture

Next : Japan's DISCO develops new wafer dicing machine that cuts silicon carbide 10 times faster

How to Identify Legitimate Sellers When Purchasing Electronic Components Online？

Dec .31.2024

Purchasing electronic components online is different from buying clothes online. One needs to understand various aspects. When shopping online for electronic components, one must have a basic knowledge of electronic components and know how to distinguish

Development Directions and Innovation Trends of the Electronic Components Market in 2025

Dec .31.2024

With the continuous progress of science and technology and the development of the global economy, the electronic components industry has shown a rapid development trend in recent years. From consumer electronics to industrial automation, from automotive e

Resistance Thermometer Temperature Sensors

Dec .31.2024

A resistance thermometer is a common temperature sensor that measures temperature by utilizing the property that the resistance of materials changes with temperature. Resistance thermometers are widely used in various fields, including industrial control,

Say Goodbye to Lag! Three Ways to Speed Up WiFi

Dec .31.2024

Don't worry. By learning the following three methods, your WiFi experience can be greatly improved! Let's improve the home WiFi signal from three aspects: transmission power, wireless channels, and location with the agency of Cirrus Logic. Say goodbye to

About Us

About Us What we do Quality People

Products

CHIP/IC Active devices Passive device Components OTHER

China electronic components supplier----Wah Luen Shing Electronic.----www.wlschip.com

Leave a message