Seongan "Decoupling from China Begins in Earnest... Countdown to Mass Production of Rare Earth Metals for Permanent Magnet Raw Materials"

10 Tons of Rare Earth Oxide Arrive at Incheon Port

Seongan announced on the 23rd that 10 tons of rare earth oxides from the U.S. company MP Materials, ordered at the end of last year, have arrived at Incheon Port.

This is the first supply volume under the 240-ton rare earth oxide supply contract signed by the two companies in July last year. Starting with this initial shipment, Seongan will begin full-scale rare earth metal production from the end of this month.

Earlier, last month, Seongan completed sample analysis by reputable domestic institutions such as the Korea Ceramic Technology Institute using samples pre-received from MP Materials. As a result, Seongan confirmed that MP Materials' rare earth oxides are of high purity quality suitable for use as raw materials for permanent magnets.

Going forward, Seongan plans to dualize its metal production sites between domestic factories and its Vietnam factory to minimize production risks. Recently, Seongan completed a metal factory in Banwol Industrial Complex, Ansan, Gyeonggi Province, and secured all necessary environmental permits for rare earth metal production and sales activities for the first time in Korea.

A Seongan official stated, "The domestic introduction of U.S.-made rare earth oxides is a meaningful start toward rare earth decoupling from China and building a Western-centered value chain," adding, "We will make every effort to produce the highest quality metal products that can completely replace Chinese rare earth metals."

Meanwhile, Seongan has experience successfully pilot-producing high-quality rare earth metals at its factory in Binh Duong Province, Vietnam, last year.