Entering Rare Earth Refining Plant Business
Hyundai Engineering announced on June 9 that it has signed a front end engineering design (FEED) contract for the Dubbo Project, a rare earth minerals mining and refining project promoted by Australian Strategic Materials., Ltd (ASM), an Australian rare earth producer.
This project involves the development of large-scale strategic metal resources such as rare earth resources and zirconium in Dubbo, about 400 km northwest of Sydney, Australia. Hyundai Engineering will provide an engineering design for a plant that produces minerals in powder and metal forms at a mine owned by ASM in Dubbo.
Recently, rare earths are used not only for motors of electric vehicles, but also for renewable energy facilities for solar power and wind power generation. Demand for rare earths, cobalt, copper, lithium and nickel are on a sharp rise. Australia has the world’s sixth-largest rare earth reserves.
By winning a FEED contract for the Dubbo Project, Hyundi Engineering has secured an advantageous position in winning the main engineering, procurement and construction (EPC) contract. The company also expects to land orders for other mineral resource refining plants in Australia.
Meanwhile, Hyundai Engineering is providing a total solution covering the entire EPC area, from project feasibility analysis, FEED and EPC in the global plant market. This year, it is pumping up its efforts to land more FEED-linked EPC orders from Korea, Indonesia, and the United States.