Vietnam Aims to Restart Largest Rare Earths Mine, Challenging China’s Dominance

Vietnam is planning to restart its largest rare earths mine, Dong Pao, next year. The move comes as part of Vietnam’s efforts to reduce China’s dominance in the rare earths sector and build up its own supply chain. Vietnam’s government intends to launch tenders for multiple blocks of the mine before the end of this year. Blackstone Minerals, an Australian company, plans to bid for at least one concession and is eyeing a $100 million investment in the project. Vietnam Rare Earth JSC, Blackstone’s partner in the project, also plans to develop a factory with South Korea’s Setopia. Concerns have been mounting over China’s stranglehold on strategic minerals, leading many countries to explore alternative sources. Vietnam has the second-largest rare earth deposits in the world, but they have remained largely untapped due to China’s near-monopoly on the global market. Restarting Dong Pao could propel Vietnam into the top league of rare earths producers and help the country develop its own rare earths supply chain.