Early next year, Seong-An Co., Ltd. of the Republic of Korea, traditionally a textile company, is expected to begin, or advance closer to beginning, its new phase as a sizeable manufacturer of magnets as well as magnetic metals that can be supplied to rare earth permanent magnet producers outside of China.
The company’s strategic blueprint involves sourcing rare earth raw materials, notably NdPr oxide, mined and processed in Western nations such as the United States and then metallization-processing them to refined magnetic metal that can be sold to permanent magnet producers, building a new role for the company in the rare earths magnet supply chain to provide distinctively non-Chinese sourced magnetic materials and products.
A leading fabric manufacturer and exporter in Korea dating back to 1953, the publicly-listed company is undertaking the move as an expansion into a new industry for it while continuing to build its textile business. The plan involves manufacturing operations in Vietnam and at a new plant located in Daegu in southern Korea with a capacity of 1,000 tons per year.
A number of key steps have already been accomplished. In 2023, it contracted with MP Materials to purchase 240 tons of rare earth oxides per year from MP’s Mountain Pass mine near Las Vegas to provide feedstock for its plants. It also passed quality testing for its rare earth metal prototype, marking a significant milestone and establishing a foundation for forthcoming mass production. Neodymium-Praseodymium metal prototype produced at its factory in Vietnam was judged to have passed the delivery standards as a result of component testing conducted in China, and further examinations by testing bodies in other countries were put in motion. “We plan to advance our business not only with rare earth metals, but also with rare earth permanent magnets with higher value,” said a company spokesman.
In April 2024, Seong-An became a member of the Rare Earth Industry Association, headquartered in Brussels. “I am pleased that Seong-An has officially joined REIA,” commented Lee upon the occasion. “It is a significant step forward in our commitment to fostering collaboration in the rare-earth industry. As the CEO of Seong-An, I take pride in leading the first Korean company to metallize US-sourced rare-earth oxide. This accomplishment underscores our dedication to international collaboration … We look forward to leveraging our expertise and collaborating with global partners to construct a new stable value chain, ensuring the continuous advancement of sustainable technology.” For more info, see www.seong-an.com, www.global-reia.org.
