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As rare earth elements emerge as the “new oil” of the 21st century—powering electric vehicles, renewable energy, and defense technologies—Thailand is rapidly becoming a new focal point in the global supply chain.
According to the 2024 report by the U.S. Geological Survey (USGS) and Investing News Network (INN), Thailand now ranks as the world’s 6th largest producer of rare earth elements, with an annual output of 13,000 tons—a staggering 261% increase in just one year.
This surge propels Thailand past many Asian and European nations, making it the fastest-growing rare earth producer globally.
Geological surveys reveal that northeastern Thailand, particularly the provinces of Nakhon Ratchasima (Korat) and Buriram, harbors rich deposits of rare earth elements (REEs) such as Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Yttrium (Y). These materials are critical for electric vehicle motors, wind turbines, semiconductors, smartphones, and satellite systems—the backbone of modern technology.
This “underground wealth” is transforming northeastern Thailand into a new mining hub, attracting significant international investment.
A pivotal development is the Neo Magnequench plant in Nakhon Ratchasima, which produces permanent magnets for the global electric vehicle and electronics industries.
This facility serves as a strategic link in the regional rare earth supply chain, laying the groundwork for large-scale investment projects.
Notably, China’s BYD has announced a $486 million (17 billion baht) investment to build an electric vehicle manufacturing plant in Thailand. This move not only boosts the electric vehicle production chain but also solidifies Thailand’s role in ASEAN’s rare earth value chain.
The Thai government is targeting advancements in mining, refining, and recycling technologies to enhance domestic supply chain value. If successful, Thailand could evolve from a raw material supplier to a regional rare earth processing hub, mirroring China’s role over the past two decades.
In the era of clean energy and global technological competition, rare earth elements are no longer just resources—they are strategic assets reshaping Asia’s economic and geopolitical landscape. With its geological advantages and current growth trajectory, Thailand is poised to become ASEAN’s “new gold mine” in the rare earth industry.
Source: The Nation
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