Setopia Subsidiary GCM Establishes Emergency Production Base for Neodymium Metal Smelting
Setopia's subsidiary GCM (Global Critical Materials) announced on the 4th that it has established a production system for domestic neodymium metal smelting using rare earth oxides sourced from Vietnam.
The neodymium metal market, an essential material for manufacturing rare earth permanent magnets, is known to be highly dependent on China, which controls over 90% of total production.
Recently, China banned the export of technology related to rare earth refining and smelting. In response, GCM is building an emergency production base in Korea capable of producing neodymium metal to address concerns over the rare earth supply chain. The main production of neodymium metal will subsequently be carried out by GCM VINA, GCM's Vietnam subsidiary.
On the 3rd, a metal production demonstration was held with about 15 external participants, including executives and employees from Setopia and GCM, the Korea Institute of Industrial Technology (KITECH), the Institute for Advanced Engineering, well-known domestic financial institutions, and investors, showcasing the manufacturing of neodymium metal. The first batch of finished metal products is expected to be completed on the 8th.
Once neodymium metal production is completed, the Korea Institute of Industrial Technology (KITECH), which oversees the Rare Earth and Rare Metals Center, will conduct quality testing of the neodymium metal. After the quality test results for sales are obtained, full-scale mass production of neodymium metal will commence at GCM VINA located in Hanoi, Vietnam.
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A GCM representative stated, “It is highly significant that we have established Korea’s first neodymium metal smelting production system using Vietnamese rare earth oxides, which is not affected by external rare earth supply chain concerns. After promptly completing the quality tests of neodymium metal products, we will proceed with detailed discussions for sales with global permanent magnet manufacturers who have inquired about purchasing, and then begin full-scale mass production in Vietnam.”
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