LS Eco Energy Secures 'Refining Technology' to Extract Permanent Magnet Materials from Rare Earths... Leading the 'Decoupling from China' Market

Contract for Technology Transfer with Geological Resources Institute... Internalization of Production Technology
Establishing Rare Earth Permanent Magnet Value Chain with LS Cable

LS Eco Energy is strengthening its business capabilities by securing core technology for rare earth refining.

Lee Sang-ho, CEO of LS Eco Energy (right), and Jeong Kyung-woo, Director of the Resource Utilization Research Division at KIGAM, are posing for a commemorative photo at the business agreement ceremony held on the 25th at the Korea Institute of Geoscience and Mineral Resources (KIGAM) in Daejeon.
[Photo by LS Eco Energy]

On the 26th, LS Eco Energy announced that it signed a 'rare earth separation and refining technology transfer' contract with the Korea Institute of Geoscience and Mineral Resources and entered into a memorandum of understanding for mutual cooperation.

The separation and refining technology is used to separate and refine high value-added oxides such as neodymium (Nd) and praseodymium (Pr), which are raw materials for permanent magnets, from rare earth mixtures produced at mines.

Lee Sang-ho, CEO of LS Eco Energy, said, "We are building a 'rare earth permanent magnet value chain' that connects LS Cable, rare earth oxides, metal alloys, and permanent magnet manufacturing," adding, "We will internalize the core technology to strengthen our rare earth permanent magnet business capabilities."

LS Eco Energy has signed an oxide purchase contract with a Vietnamese mining company. It plans to start supplying domestic and overseas permanent magnet manufacturers within this year.

Additionally, the company plans to build a metal alloy factory in Vietnam to secure a 'de-China' market position.

LS Eco Energy recorded its highest-ever operating profit in the first quarter (9.6996 billion KRW) due to expanded exports of ultra-high voltage cables to North America and Europe. The company expects to break annual performance records as well. It is promoting rare earth and submarine cable businesses as new growth engines.