[Special Stock] Seongan Rises on News of US MP Materials' Rare Earth Purchase Order

Seongan, which is promoting a new rare earth business, is showing strong performance. This appears to be driven by expectations that the company will begin full-scale operations such as producing rare earth products using the secured rare earth oxides.

As of 1:57 PM on the 12th, Seongan is trading at 1,519 KRW, up 10.88% compared to the previous day.

On the 11th, Seongan announced that it had placed its first purchase order under a supply contract for American rare earth oxides (NdPr Oxide) with MP Materials in the United States.

According to the company, the rare earth oxides purchased this time are expected to arrive at Incheon Port in South Korea later this month. Starting from January next year, Seongan plans to manufacture rare earth metals, the raw materials for permanent magnets, through large-scale metal reduction processes based on the American rare earth raw materials.

The rare earth metal business that Seongan has been preparing since early this year is expected to enter full-scale commercial production starting next year.

A company representative stated, "Starting with this first import of rare earth raw materials from MP Materials, we will strengthen our collaboration through thorough production management and trust-based new business operations."