Vietnam boosts rare earths output by tenfold

HANOI, May 6 (Reuters): Vietnam's mined output of rare earths soared tenfold last year, US data showed, as global firms have flocked to the Southeast Asian country with the world's second largest estimated deposits to reduce reliance on China for the key industrial metals.
Past attempts to build up Vietnam's rare earth industry have stuttered due to falling prices and regulatory hurdles, but growing sales of electric vehicles (EVs) and firms' efforts to diversify their suppliers has revived interest in Vietnam.
Australian Strategic Materials Ltd (ASM) said on Monday that it would buy 100 tonnes of rare earth oxides this year from Vietnam Rare Earth Co and is looking for a longer term supply agreement.
ASM said a longer-term agreement with the Vietnamese firm would provide it with a multi-source feedstock option.