SEOUL, June 10 (Korea Bizwire) — Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, has launched a new venture to build processing plants for strategic minerals such as rare earth elements.
The company said Thursday it had signed a a front-end engineering and design (FEED) deal with Australia’s rare earth production firm Australian Strategic Materials Ltd. (ASM) to carry out the Dubbo Project mineral processing plant.
The Dubbo Project plant will produce minerals such as rare earth elements, zirconium, neodymium and hafnium in a powder or metallic form at the Dubbo mine owned by ASM.
Rare earth elements are a key raw material for various state-of-the-art manufacturing industries, including electric cars and batteries, with demand growing at a rapid pace in recent days.
Hyundai Engineering said it’s now in an advantageous position in the race to win the engineering, procurement and construction (EPC) contract as it secured the deal to carry out the FEED for the Dubbo Project in Australia, the country with the world’s sixth largest rare earth element reserves.
In addition, Hyundai Engineering is expected to be able to clinch more orders in the mineral processing industry.
M. H. Lee (firstname.lastname@example.org)