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[Alpha Biz=(Chicago) Reporter Paul Lee] SEONGAN will start producing neodymium metal prototypes at its plant in Vietnam and start its rare earth business in earnest.
SEONGAN announced on the 31st that it will start producing neodymium-frasedium (NdPr) metal prototypes at its Binh Duong Province plant in Vietnam in late June.
SEONGAN announced its business plan at an extraordinary shareholders' meeting in January by changing its articles of association to add rare earth-related projects for new business purposes. Sungan has been building a NdPr metal production facility in a factory located in My Phuoc 3 Industrial Park, Binh Duong Province, Vietnam.
The empty factory is currently capable of producing 144 tons annually. Sungan will bring in additional production facilities by October this year to expand its production capacity to 720 tons. After that, the company plans to increase its additional facility investment to a maximum of 2,000 tons next year. Due to the nature of rare earth metal processing, the large-scale power required for operation will be supplied with 3,000KW of power from the empty power station.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
