Setopia Signs First Contract to Supply Rare Earth Oxide from US Piriji Mine Deposit Ore

Setopia and Vietnam VTRE’s joint venture, Global Critical Minerals Co., Ltd (GCM), announced on the 20th that it has signed its first contract (Caldera Project Phase 1 Agreement) to supply raw tailings containing rare earth elements and apatite with Caldera Holdings, LLC., which owns the Pea Ridge mine located in St. Louis, Missouri, USA, at the Royal Sonesta Chase Park Plaza Hotel in St. Louis, USA.

From the left, James Kennedy, CEO of Caldera, and Sangcheol Seo, CEO of GCM. / Photo by Setopia

As the first phase of the Caldera Project, the two companies marked the official start of the project with this contract. The raw tailings and apatite supplied by Caldera will be refined into rare earth oxides and other materials through separation, flotation, and solvent extraction processes at Vietnam VTRE, and then processed into metals at GCM Vina Metals, a metal company currently being established in Vietnam. The raw tailings (unprocessed tailings, apatite, etc.) from the Pea Ridge mine in the U.S. will be processed into light and medium-heavy rare earth oxides and metals, and the supply and sales will be decided through consultations among Caldera, Evolution Metals Corp. (EMC), and GCM. According to the contract details, GCM will initially receive 140 tons of unprocessed tailings and apatite from Caldera.

A company official stated, “After signing an MOA with EMC, which was authorized by Caldera at the end of May, we have now signed the first direct contract with Caldera, the mine owner, to supply mine oxides,” adding, “It is significant that the three parties have jointly discussed and concretely decided on the detailed implementation schedule.”

He continued, “Furthermore, while proceeding with the first contract, we will closely discuss plans to newly establish separation, flotation processes, and a metal plant within Missouri, USA.”

GCM plans to produce neodymium-praseodymium (NdPr) metals in the U.S. in the future and supply and sell them to global companies including those in the U.S.

The Pea Ridge mine owned by Caldera is known to have about 24 million tons of sedimentary ore containing a large amount of medium and heavy rare earths such as phosphates artificially deposited over the past 40 years of iron ore mining, distributed over 180 acres (approximately 220,000 pyeong). It is the only sedimentary mine in the U.S. that can be utilized immediately without establishing a mining plant, which shortens the time from oxide supply to refining and metal smelting, boasting high economic efficiency.

In particular, the Pea Ridge mine is known to contain a high amount of medium and heavy rare earths (dysprosium, terbium), which are traded at high prices, and is expected to have excellent commercial value.

James Kennedy, CEO of Caldera, said, “We are pleased to start the full-scale project with GCM, which has oxide refining capabilities, technology, and metal processing technology,” and added, “We will pay special attention to the schedule progress in the U.S. to ensure that the planned timeline proceeds without any setbacks.”

Luu Anh Tuan, CEO of GCM, said, “We will do our best to achieve the results expected by both companies by combining the high-quality rare earth ore supplied from the U.S. with our refining technology.”

Seosangcheol, CEO of GCM, said, “We are pleased to sign the first direct oxide supply contract with Caldera, the mine owner, and we will successfully complete the stages leading to the final contract starting with this Phase 1 agreement to enhance GCM’s global competitiveness,” adding, “Following the establishment of the value chain from the Vietnamese mine to the refining plant, we will closely discuss with Caldera to establish a refining plant in Missouri, USA, and extend the value chain to a broader scope, fulfilling our roles to achieve the goals planned by both companies.”

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