Photograph) LS Eco Energy CEO Lee Sang-ho (right) and Director Jeong Gyeong-wu of the Resource Utilization Division of KIGAM pose for a photo at the business agreement ceremony held on the 25th at KIGAM.


■ Will internalize production technology by entering into technology transfer agreement with KIGAM
■ Will establish rare earth permanent magnet value chain with LS Cable & System to dominate de-Sinicization market
■ Expecting record performance through power network expansion, will promote new businesses including submarine cables


LS Eco Energy (CEO: Lee Sang-ho) is strengthening its business competency by securing the source proprietary technology for rare earth refining.

The company announced on the 26th that it had entered into a “rare earth separation and refining technology transfer” agreement with the Resource Utilization Division of the Korea Institute of Geoscience and Mineral Resources (KIGAM, CEO: Lee Pyeong-koo), and a business agreement for mutual cooperation. 

The separation and refining technology is used for separating value-added oxides such as neodymium (Nd) and praseodymium (Pr), which are the materials for permanent magnets, from mined rare earth compounds, and for refining the oxides.

“Together with LS Cable & System, we are establishing a rare earth permanent magnet value chain ranging from rare earth oxides to metal alloys and permanent magnet manufacturing,” said LS Eco Energy CEO Lee Sang-ho. “We will strengthen our rare earth permanent magnet business competency by internalizing the source proprietary technology.” 

Having entered into an oxide purchase agreement with a Vietnamese mining company, LS Eco Energy plans to start supplying products to domestic and international permanent magnet manufacturers within the year. The company also hopes to dominate the de-Sinicization market by building a metal alloy plant in Vietnam. 

Based on the expansion of ultra-high-voltage cable exports to North America and Europe, LS Eco Energy recorded its largest ever operating profit in the first quarter and is expecting a record annual performance. The company is also promoting its rare earths and submarine cable businesses as new growth engines.