Setopia to Hold General Meeting on 29th... "Agenda Submitted to Fully Launch Rare Earth Business"

Setopia has announced the convening of its regular general shareholders' meeting.

The upcoming shareholders' meeting, to be held on the 29th at Setopia's headquarters located in Gangnam-gu, Seoul, will address agenda items including ▲approval of financial statements ▲amendments to the articles of incorporation ▲appointment of directors ▲approval of the remuneration limit for directors and auditors.

At this shareholders' meeting, Moon Seok-jin, former ASM Asia General Manager, has been nominated as a candidate for Outside Non-Executive Director. He previously served as an executive at ASM Australia and as a registered director at KSM Metals. An Outside Non-Executive Director is a type of registered director who is not involved in the company's executive management except for outside directors and holds voting rights; they are often referred to simply as "Non-Executive Directors."

Moon Seok-jin, nominated as a Non-Executive Director candidate, is a rare earth expert who has performed various tasks to revitalize the rare earth business in Chungcheongbuk-do, including establishing KSM Metals, ASM's Korean subsidiary.

ASM is a rare earth producer established through the spin-off of the strategic materials division of Alkane, an Australian gold mining company. Over the past 20 years, ASM has completed obtaining mining licenses by operating an eco-friendly rare earth oxide pilot demonstration facility in joint research with ANSTO, Australia's nuclear research institute. ASM is the only company in Australia licensed to produce oxides and primarily engages in rare earth mineral mining and oxide refining.

A Setopia official stated, “Moon Seok-jin, who is expected to be appointed as an Outside Non-Executive Director, is a rare earth expert recognized both domestically and internationally, and we expect him to play a crucial role in the rare earth business that the company aims to pursue. We will do our best to conduct the rare earth business with integrity and proactiveness to maximize the interests of all shareholders and the company's value in the long term.”

On the 7th, Setopia signed a contract with VTRE for the purpose of establishing a joint venture to secure raw materials necessary for the rare earth strategic material value chain in Chungcheongbuk-do, as well as to promote a joint venture for separation and refining processes within Chungcheongbuk-do in the future.

This content was produced with the assistance of AI translation services.