Vietnam plans to restart its largest rare earths mine next year to increase the supply of these minerals and compete with China. Rare earth minerals are crucial for advanced technologies such as mobile phones and electric vehicles. China currently controls over 60% of rare earth mining and 85% of processing capacity worldwide. Vietnam, with the world's second-largest reserves after China, aims to develop its own rare earth supply chain. Blackstone Minerals, an Australian company, plans to bid $100 million for the project and is in talks with electric car makers for supply contracts.
Frequently Asked Questions
Q: When does Vietnam plan to re-start rare earth mining?
A: Vietnam plans to re-start rare earth mining next year. [Source 1]
Q: What is the significance of Vietnam's rare earth mining project?
A: Vietnam's rare earth mining project, backed by Western countries, has the potential to rival the world's largest rare earth mines. [Source 1]
Q: Why is Vietnam restarting rare earth mining?
A: Vietnam is restarting rare earth mining to challenge China's dominance in the rare earths market and to create opportunities for investment and development. [Source 3]
Q: What is the current status of Vietnam's rare earth mining project?
A: Vietnam plans to restart its biggest rare-earths mine next year. An auction of multiple blocks of the Dong Pao mine is also planned. [Source 5]
Q: How is the US involved in Vietnam's rare earth mining project?
A: The US has encouraged rare earth investment in Vietnam, supporting the country's plans to reopen its mine and compete with China in the rare earth market. [Source 3]
Q: What is the significance of Vietnam's rare earth mining plans for China?
A: Vietnam's rare earth mining plans have made China nervous, as it could potentially challenge China's dominance in the rare earths market. [Source 4]
Q: What is the current state of US-Vietnam relations?
A: US-Vietnam relations have been elevated to a Comprehensive Strategic Partnership, indicating a strong and renewed commitment between the two countries. [Source 9]