LS Eco Energy Builds Samarium Metal Plant in Vietnam
LS Eco Energy announced on Sept. 30 that it will invest 11.6 billion won (about $8.58 million) to build a samarium metal production facility in Vietnam.LS Eco Energy will build a production facility with an annual capacity of about 240 tons on the site of its production subsidiary in Vietnam.This is
On September 30, LS Eco Energy disclosed its plans to spend 11.6 billion won ($8.58 million) to construct a samarium metal production plant in Vietnam. The facility, located on the site of its Vietnamese subsidiary, will have an annual production capacity of approximately 240 tons. This production level is sufficient to generate 700 to 1,000 tons of samarium-cobalt (SmCo) permanent magnets each year.
SmCo magnets, renowned for their stable magnetic force even at high temperatures, find extensive applications in the aerospace and defense sectors, specifically in fighter jets and missiles.
To produce this samarium metal, LS Eco Energy intends to collaborate with Australia's Lynas, which is the exclusive entity capable of separating and commercially producing rare earths outside of China. Under this partnership, Lynas will supply the raw materials, while LS Eco Energy will manufacture the metal in Vietnam, eventually supplying it to LS Cable & System's permanent magnet plant.
Lee Sang-ho, CEO of LS Eco Energy, stated, "We anticipate that South Korea, which presently lacks rare earth resources, will also be able to advance as a cornerstone in the global supply chain through the production of high-value-added materials and components."
Earlier, LS Eco Energy entered into a contract with Australia's Lynas to engage in a mutual exchange of convertible bonds (CB), each worth 30 billion won ($22.17 million).
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