Berliner Boersenzeitung - Vietnam jails 23 people over rare earths exploitation

EUR -
AED 4.197621
AFN 78.865916
ALL 98.154013
AMD 438.381694
ANG 2.045581
AOA 1048.119273
ARS 1357.60139
AUD 1.751826
AWG 2.060235
AZN 1.945399
BAM 1.955822
BBD 2.306525
BDT 139.601539
BGN 1.956155
BHD 0.430992
BIF 3361.526536
BMD 1.142988
BND 1.469316
BOB 7.894087
BRL 6.373071
BSD 1.142313
BTN 97.780078
BWP 15.262168
BYN 3.738541
BYR 22402.55699
BZD 2.294625
CAD 1.562418
CDF 3288.375567
CHF 0.939542
CLF 0.027944
CLP 1072.339528
CNY 8.207452
CNH 8.216047
COP 4803.976889
CRC 580.706402
CUC 1.142988
CUP 30.289171
CVE 110.726929
CZK 24.771961
DJF 203.131589
DKK 7.459194
DOP 67.835786
DZD 150.222998
EGP 56.620403
ERN 17.144814
ETB 153.731967
FJD 2.563946
FKP 0.842696
GBP 0.846411
GEL 3.126041
GGP 0.842696
GHS 11.715687
GIP 0.842696
GMD 81.152097
GNF 9893.700356
GTQ 8.779097
GYD 239.713691
HKD 8.971252
HNL 29.717073
HRK 7.529315
HTG 149.821652
HUF 401.018916
IDR 18448.791428
ILS 3.985432
IMP 0.842696
INR 97.900603
IQD 1497.313758
IRR 48119.778222
ISK 143.593539
JEP 0.842696
JMD 182.562013
JOD 0.810338
JPY 165.608045
KES 148.020916
KGS 99.954053
KHR 4657.674471
KMF 492.055111
KPW 1028.718515
KRW 1561.080706
KWD 0.349791
KYD 0.95201
KZT 580.596401
LAK 24671.387405
LBP 102411.689085
LKR 341.683767
LRD 226.881538
LSL 20.25362
LTL 3.374946
LVL 0.691381
LYD 6.217727
MAD 10.475469
MDL 19.700217
MGA 5128.58597
MKD 61.524644
MMK 2399.610221
MNT 4088.825241
MOP 9.235502
MRU 45.313742
MUR 52.416926
MVR 17.607754
MWK 1984.226557
MXN 21.786462
MYR 4.838233
MZN 73.09407
NAD 20.25389
NGN 1767.024306
NIO 42.039431
NOK 11.55341
NPR 156.447725
NZD 1.887438
OMR 0.439474
PAB 1.142313
PEN 4.153589
PGK 4.694296
PHP 63.858464
PKR 322.546289
PLN 4.25661
PYG 9112.100462
QAR 4.161332
RON 5.033037
RSD 117.248804
RUB 89.699512
RWF 1623.042394
SAR 4.286728
SBD 9.548935
SCR 16.367085
SDG 686.371092
SEK 10.965537
SGD 1.47034
SHP 0.898209
SLE 25.1458
SLL 23967.878754
SOS 653.213977
SRD 42.637436
STD 23657.535669
SVC 9.99611
SYP 14860.983694
SZL 20.253379
THB 37.268203
TJS 11.395026
TMT 4.011886
TND 3.373529
TOP 2.676993
TRY 44.807279
TTD 7.751085
TWD 34.173957
TZS 2994.627562
UAH 47.450923
UGX 4122.045446
USD 1.142988
UYU 47.460523
UZS 14558.800772
VES 113.119043
VND 29731.964985
VUV 137.295105
WST 3.146085
XAF 655.964232
XAG 0.031248
XAU 0.000343
XCD 3.088981
XDR 0.817687
XOF 654.361012
XPF 119.331742
YER 278.117467
ZAR 20.237796
ZMK 10288.257292
ZMW 28.650316
ZWL 368.041541
  • CMSC

    0.0500

    22.25

    +0.22%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.1300

    10.7

    +1.21%

  • NGG

    0.0900

    71.21

    +0.13%

  • RIO

    0.1600

    59.47

    +0.27%

  • GSK

    0.4400

    41.3

    +1.07%

  • CMSD

    0.0500

    22.28

    +0.22%

  • AZN

    0.8200

    73.83

    +1.11%

  • RELX

    -0.0600

    52.97

    -0.11%

  • RYCEF

    -0.1600

    11.9

    -1.34%

  • VOD

    -0.0700

    9.84

    -0.71%

  • BTI

    -0.3900

    47.5

    -0.82%

  • BCC

    1.5800

    90.23

    +1.75%

  • JRI

    -0.0300

    13.09

    -0.23%

  • BP

    0.7700

    30.23

    +2.55%

  • BCE

    0.4000

    22.5

    +1.78%

Vietnam jails 23 people over rare earths exploitation
Vietnam jails 23 people over rare earths exploitation / Photo: STR - AFP

Vietnam jails 23 people over rare earths exploitation

A Vietnamese court on Wednesday jailed 23 officials and business people over the illegal exploitation and export of rare earths.

Text size:

The trial comes after the US Geological Survey (USGS) this year significantly revised down its estimate of rare earth deposits in Vietnam, which it once considered the world's second largest.

The nine-day trial in Hanoi saw verdicts handed down to 27 defendants, including former Deputy Minister of Natural Resources and Environment Nguyen Linh Ngoc, who was given three years in jail for "violating state regulations causing wastefulness".

Others were given a range of prison sentences -- with 16 years being the highest -- for a number of offences, including violation of regulations on natural resources exploitation and causing environmental pollution.

Four people were given suspended sentences.

According to the court, the case concerning the exploitation, trade and export of mineral resources was "especially serious".

The court said that a firm called Thai Duong Company was unlawfully granted a mining licence for rare earth exploitation in Yen Phu mine in northern mountainous Yen Bai province between 2019 and 2023.

Defendants involved -- including environment officials as well as chief accountants and executives at various companies -- sold the rare earths and iron ore from the mine for close to $30 million, much of it to China.

USGS slashed this year its estimate of Vietnam's rare earth reserves from an estimated 22 million tons to 3.5 million, threatening its ambitions to compete with Beijing in a sector crucial to high-tech devices.

The revision meant the country dropped from the world's second largest reserve holder to the sixth, behind China, Brazil, India, Australia and Russia.

USGS describes mineral reserves data as "dynamic".

Reserves may be reduced as ore is mined or the feasibility of extraction diminishes, or they may continue to increase as additional deposits are developed, USGS says.

Rare earths are a group of 17 heavy metals that are abundant in the Earth's crust across the globe.

But mining the metals requires heavy chemical use that results in huge amounts of toxic waste and has caused several environmental disasters, making many countries wary of shouldering the heavy financial costs for production.

Each of the rare earths is used in industry and found in a variety of everyday and high-tech devices, from light bulbs to guided missiles.

(Y.Berger--BBZ)