Deputy Prime Minister Hoang Trung Hai has given a nod to a rare earth exploration project in Nam Xe Commune, Phong Tho District, Lai Chau Province to the Ministry of Natural Resources and Environment, the Ministry of Industry and Trade, and People’s Committee of Lai Chau Province.

The Ministry of Natural Resources and Environment has been directed to receive, evaluate and process the necessary paperwork for the rare earth exploration project in the northern province.

Vietnam has one of the world’s largest rare earth reserves that can be found mainly in the country’s north-western region, according to the Department of Geology and Minerals of Vietnam.

Environmental impacts and radioactive leaks are among major concerns that need to be considered when it comes to mining the radioactive-rich rare earths.

Japan last year said it wanted to use modern technologies to exploit rare earths in Vietnam to reduce its dependence on shipments from China – which accounts for 97 percent of the world’s supply – in the wake of China’s ban on rare earth exports to the East Asian country following tensions over disputed islands last October.

Japan’s Toyota-Tsusho and Sojitz have been reported to acquire the right to mine the ore in Vietnam. Efforts have been stepped up to start the mining process earlier than 2012, as originally planned.

Rare earths exploration may not bring Vietnam much economic benefit but it can help build a stepping stone for the two countries to cooperate in other fields, the National Assembly’s Committee of Science, Technology and Environment said.

Vietnam tied up with foreign partners to mine its rare earths as long ago as 1960.

Rare earth elements or rare earth metals are a collection of seventeen chemical elements which come in a very small quantity in the earth’s crust. They are chiefly used in the industrial and defense sectors.

They can also be utilized to produce cellphone parts, solar batteries, car engines, magnets, and aerospace equipment.

Source: Tuoi Tre