Setopia's First Order of High-Purity Vietnamese Rare Earth Oxide Arrives at Busan Port

Setopia announced on the 24th that the first shipment of high-purity rare earth NdPr oxide, ordered under the initial 50-ton contract signed with Vietnam's VTRE at the end of April to supply domestic rare earth oxides, has arrived at Busan Port.

Ore deposits from Pea Ridge Mine in Missouri arrived at VTRE. / Photo by Setopia

The arrived NdPr oxide amounts to 1.4 tons and will be supplied to domestic companies engaged in the rare earth business after customs clearance procedures. The company plans to receive 3.6 tons next week, 20 tons within September, and the remaining rare earth oxides by the end of October, starting with the 1.4 tons that arrived today.

According to Argus Metal, an international mineral information company, the average global price of NdPr oxide in 2023 was traded at $78.76 per kilogram, with the highest price this year reaching $111.80 per kilogram.

A Setopia representative said, "We are pleased to be the first domestic company to import high-purity rare earth oxides from Vietnam," adding, "Starting with this initial supply of rare earth oxides, future additional supplies will be conducted through the joint venture GCM. We will work closely with VTRE to ensure smooth progress for additional supplies and stable supply of rare earth oxides."

He continued, "As part of the project contract signed with Caldera Holdings in the United States last June, 100 tons of sedimentary ore from the Pe Ridge mine in Missouri arrived at VTRE on August 16, and the remaining 40 tons are expected to arrive on August 27," adding, "If remarkable results are achieved in the sedimentary ore processing, GCM, VTRE, and Caldera Holdings anticipate starting in-depth discussions for the next phase of the Pe Ridge mine project."

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