Seongan Forms New Board of Directors with 'Rare Earth Expert' at Extraordinary General Meeting

Seongan announced on the 9th that it appointed three new directors at an extraordinary general meeting held on the 8th at its headquarters located in Buk-gu, Daegu Metropolitan City. The agenda for granting stock options was also approved.

The newly appointed board members are ▲ Lee Jun-young, inside director ▲ Kenji Konishi, inside director ▲ Woo Sang-mo, outside director, and they are expected to lead the rare earth new business.

Inside director Lee Jun-young will be in charge of joint ventures with global rare earth companies in the US, Europe, Australia, and India based on his overseas network and know-how. Inside director Kenji Konishi is a rare earth expert with development and production technology, formerly the vice president of JL Mag, a leading rare earth company in China.

Outside director Woo Sang-mo holds a Ph.D. in Metallurgical Engineering from Seoul National University and has filed various patents related to rare earth business, including rare earth polishing materials development and rare earth separation and refining methods.

Seongan will start producing neodymium-praseodymium (NdPr) metal prototypes at its factory in Binh Duong Province, Vietnam, from the end of this month. The raw materials will be supplied by a leading US rare earth mining company, and after this quality test, a large-scale supply contract is planned to be signed.

The Vietnam factory can produce 144 tons of NdPr metal annually. Through facility investments, production capacity will be expanded to 720 tons by October this year and up to 2,000 tons next year.

A company official stated, "We plan to secure a revenue source by first producing NdPr metal at the Vietnam factory," and added, "We will also secure technology and processes to produce rare earth products for electric vehicle motors and wind power turbines."

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