Illustrative image (Photo: vneconomy.vn) Hanoi (VNA) – TheVietnam Geological Department (VGD) and the US Department of State's Bureau ofEnergy Resources partnered to host a technical training session on economicgeology and mineral resource reserve valuation methods in Hanoi on March 21.
Thisevent was within the framework of a Memorandum of Understanding previouslysigned by the both sides.
Speakingat the session, VGD Deputy Director Le Quoc Hung said Vietnam possesses around 60 different types ofmineral resources across over 5,000 mines and exploitation sites, rankingsecond globally in terms of rare earth reserves.
The session aims to equip the Vietnamese mining officials with information andknowledge on rare earthelements, particularly their integration into the global supply chain up to internationalpractices, he added.
Sharinghis insights on the prospects of the rare earth market, David Bird, a miningvaluation expert from Deloitte's mining consulting group in the US, said thedemand for this mineral is projected to surge significant in the coming decade,driven by the growing use of rare earth permanent magnet (REPM) in electricvehicles, wind turbines, and other purposes. Notably, this will translate into increased demand for rare earth elements such as neodymium REOand magnetic praseodymium.
Thesession explored key areassuch as the rare earth supply chain and market development strategies, economicgeology fundamentals, asset valuation methods, ownership rights and financialregimes.
Participants proposed solutions to rare earthdevelopment such as investing in eco-friendly processing technologies, issuing stabletax policies and fees for a minimum period of around 10 years, and ensuring transparentproject implementation processes.
On the occasion, a seminar on the sustainable developmentof Vietnamese rare earth resources was also held./.
