SEONG-AN Explores MP Materials' Mountain Pass Facility, Advancing Towards the Commencement of Rare Earth Oxide Supply

5 Jan 2024

Money Today 2023.11.03 14:50

Original source:

SEONG-AN announced on the 3rd that its executives, including CEO Jun Young Lee, visited MP Materials in the U.S. and discussed ways to expand cooperation in comprehensive areas, including purchase of rare earth metals produced by SEONG-AN.

Currently, SEONG-AN receives rare earth Neodymium-Praseodymium (NdPr) oxide from MP Materials and is producing NdPr metal. NdPr metal is the main raw material for Neodymium permanent magnets, which are essential in cutting-tech industries such as semiconductors and electric vehicles.

At this visit, SEONG-AN discussed in depth not only the purchase of rare earth oxides with MP Materials, but also plans to expand cooperation in the rare earth field between the two companies in the future. SEONG-AN signed a rare earth oxide purchase contract with MP Materials last July. The first purchase of 20 tons of NdPr oxide is scheduled to take place this month.

A SEONG-AN official said, “We inspected the Mountain Pass mine and rare earth oxide manufacturing facility located in California, and directly confirmed the NdPr oxide to be supplied.” He added, “We plan to establish various partnerships in the future, including in the field of rare earth metals as well as permanent magnets.”

SEONG-AN is gearing up for mass production at its NdPr metallization plant in Vietnam, slated to commence in December. The company aims to introduce NdPr metal to both domestic and global markets in the first quarter of the upcoming year. Currently, SEONG-AN is in the early stages of discussions with various companies to explore potential partnerships.