Trident Global Holdings and Zoetic Global Announce Major Deal to Transform U.S. Industries with Rare Earth Elements
CLEVELAND, July 25, 2024 /CNW/ -- Trident Global Holdings, a leading Korea-based company, announced today a groundbreaking major strategic joint venture with Zoetic Global. The collaboration aims to co-develop premium rare earth mines, ensuring that global and U.S. companies have access to these critical elements. The joint venture has the potential to generate billions in economic value and to implement sustainable practices into the rare earth mining industry.
In this venture, Trident Global Holdings, which already has a strategic cooperation development agreement with Vietnam's Hung Hai Group—owner of three mines in Lai Chau Province, northern Vietnam—will partner with Zoetic Global to deliver the latest, environmentally friendly technologies to maximize the efficiency of rare earth production. These mines, including Bac (North) Nam Xe, Nam (South) Nam Xe, and Dong Pao, collectively possess confirmed reserves totaling 7 million metric tons of valuable rare earth elements.
Through this collaboration, Zoetic Global and Trident Global Holdings will develop and operate these important mines utilizing innovative solutions to remediate waste streams, making the process cleaner and more sustainable. The venture will access approximately 7 percent of the known rare earth deposits in the world with a high percentage of the heavier, more valuable rare earth elements. Key global and U.S. industries will secure access to:
- Semiconductors: Rare earth elements are critical for semiconductor manufacturing and will help drive advances in artificial intelligence chip design.
- Renewable Energy: Rare earth magnets are used in wind turbines and other clean energy technologies aimed at reducing carbon emissions.
- Aerospace and Defense: Strengthening the supply chain for critical defense applications.
- Electronics: Providing essential materials for the production of smartphones, computers, televisions, and other advanced electronic devices.
- Electric Vehicles: Supplying critical components for batteries and motors, contributing to the growth of the electric vehicle market.
- Medical Imaging and Biotech: Supporting advancements in medical imaging and other healthcare technologies such as MRI and PET scanners.
"Vietnam holds approximately 20 percent of the world's rare earth reserves. This collaboration, along with Hung Hai Group, will unlock significant financial value for Vietnam, profoundly impacting and benefiting the Vietnamese government and its people by introducing new mining business ventures and technologies. This partnership will also ensure the sustainable management of rare earth elements for the global marketplace," said Sam Chi, CEO of Trident Global Holdings. "We are thrilled about our strong collaboration with Zoetic Global, especially as the demand for rare earth elements is expected to surge over the next decade."
"One of Zoetic's primary goals is to ensure that U.S. industries have equal access to critical elements necessary for global competition," said Tim Ryan, former Ohio Congressman and Zoetic Global's Chief Global Business Development Officer. "This joint venture guarantees that U.S. technology, aerospace, and defense companies have a significant presence and influence in the global market. Announcing this from America's industrial belt underscores the immense benefits and historical significance of this deal for our region and nation."
"We were inspired by the CHIPS Act, which underscores the critical need to secure and strengthen our supply chains," said Zoetic Global CEO Avery Hong. "The disruptions from the COVID-19 pandemic have highlighted the importance of ensuring supply chain integrity. By on-shoring and re-shoring critical technologies and materials, we can bolster economic resilience and reduce dependency on foreign sources."
"Rare earth element deposits are found in diverse regions globally, but technical know-how and access to environmentally sound technologies have been lacking," said Jerome Ringo, Co-Founder and Executive Chairman of Zoetic Global. "Zoetic has secured power and remediation solutions that will be transformative to the rare earth mining industry."
Trident Global Holdings and Zoetic Global are committed to establishing a comprehensive value chain that prioritizes sustainability and the deployment of new, environmentally responsible technologies for extracting and processing rare earth materials.
About Trident Global Holdings
Trident Global Holdings is a prominent Korea-based company with interests in mining, real estate, and carbon capture technology. In partnership with Zoetic Global, Trident Global Holdings, along with Hung Hai Group, aims to establish a comprehensive value chain that extends beyond mining. This integrated and sustainable approach will encompass refining, smelting, processing, and the distribution of final products, thus solidifying their position in the rare earth elements market. As part of its commitment to sustainability, Trident intends to develop and deploy new, environmentally responsible technologies for extracting and processing the rare earth materials.
About Zoetic Global
Zoetic Global is a sustainability-focused solutions provider, dedicated to delivering essential energy, water, and food technologies to areas in greatest need. Through collaboration with technology and strategic partners, Zoetic has curated a compelling portfolio of solutions to address critical issues. The name "Zoetic," meaning "pertaining to life," symbolizes the company's commitment to impactful solutions. Co-Founder and Chairman Jerome Ringo, a seasoned leader in the climate movement, drives Zoetic's efforts to support regions disproportionately affected by climate change. Zoetic believes in the existence of critical solutions and the necessity of a heightened commitment from leaders to implement them effectively. For more information about Zoetic Global, visit Zoetic Global About Page
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