LS Eco Energy will begin building a mass-production system for rare earth metals for "defense use," the first among corporations outside China.
LS Eco Energy and Lynas said on the 31st that they held a signing ceremony at the LS Cable & System Singapore office and finalized plans to supply rare earth raw materials and to begin mass production of metals within the year.
The plan is to establish an operational chain of raw materials (Lynas), metallization (LS Eco Energy), and permanent magnets (LS Cable & System). Accordingly, LS Eco Energy will build metallization facilities at the LSCV plant in Vietnam within the year and begin mass production.
LS Eco Energy will build metallization facilities at the LSCV plant in Vietnam within the year and begin mass production. Starting in the second half of this year with defense-use metals for space and missiles, the company plans to rapidly expand its business scope to metals for robots and electric vehicles (EVs) by 2027.
The company said, "Global demand for non-China rare earths has surged recently, but supply remains tight," adding, "Inquiries from global corporations seeking stable alternatives are continuing."
LS Eco Energy plans to produce about 2,500 tons of metals annually, including samarium for defense use and NdPr used in robots and offshore wind power. That volume can manufacture more than 10,000 tons of permanent magnets.
Lee Sang-ho, CEO of LS Eco Energy, said, "Through cooperation with Lynas, we will expand our dominance in the global market and contribute to strengthening resource security at the national level."