By Francesco Guarascio and Ju-min Park HANOI/SEOUL (Reuters) - Korean and Chinese magnet firms, including an Apple supplier, are set to open factories ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSHANOI/SEOUL - Korean and Chinese magnet firms, including an Apple supplier, are set to open factories in Vietnam, according to documents and people familiar with the plans, amid a push to diversify supply chains away from China and defend against Sino-U.S. tension.
Neighbouring Vietnam, however, has untapped rare earth deposits second only to China's, as well as a fledgling processing industry, giving the country the potential to be a much bigger competitor, industry insiders said. Moreover, some Chinese factories can produce 10 times as many magnets as SGI's project, and China dominates the mining and processing of the ores.SGI's plant at full capacity would produce nearly 3% of the 2022 global output estimated by Project Blue, a critical materials consultancy. That equates to nearly half of U.S. imports of neodymium magnets last year, U.S. trade data showed.
Vietnam is the only country beyond China with all stages of the magnet supply chain, from mining rare earths to downstream production, said a Vietnam-based industry consultant, who was not authorised to speak to media so declined to be identified. The plant would nearly double the company's current output of 3,000 tons a year from factories in South Korea and China.
It said it sources most of its rare earths from China but is seeking alternative sources in Vietnam and Australia and plans to develop a processing facility in Vietnam.China's INST is set to begin operations as early as next month at a leased plant in northern Vietnam after gaining local approval in June, two people familiar with the plans said.
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