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Update news vietnam's mining industry
Authorities in Binh Thuan province arrested Tran Van Thuan, director of Long Thai Viet Company, for violating regulations on resource extraction, involving illegal mining activities worth over VND 2.2 billion.
According to experts, after 13 years of implementing this law, some provisions are no longer consistent with the country’s development practices, leading to the loss of mineral resources for the State.
Vietnam could realise its goal of becoming a significant source of rare earths for the global market, if rules on extraction and refining are made more suitable.
The chief economist from the US Department of State commented on her trip to Vietnam – the last stop on her five-country tour last week.
The Ministry of Public Security said it was conducting a specialised investigation to clarify illegal acts in the exploitation, processing and consumption of rare earth ores and iron ores of Thai Duong Group Joint Stock Company.
Vietnam has outlined a strategic plan to reduce its reliance on domestic coal mining while increasing coal imports to meet the nation’s power generation demand.
Vietnam is boosting the production of rare earths, with around two million tons to be extracted annually by 2030.
Vietnam boasts the world’s second largest supply of bauxite reserves of 5.8 billion tonnes, according to statistics released by the U.S. Geological Survey.