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Shin-Etsu Chemical will build a rare-earth materials plant in Hai Phong, Vietnam. Scheduled to open in February 2013, the $25 million plant will initially extract and refine rare earths from used magnets. Shin-Etsu expects to eventually refine rare earths extracted from mines that are opening around the world. In recent years, prices of rare earths have soared as a result of export restrictions by China, the world’s top producer. Also in Vietnam, Shin-Etsu will build a $38 million plant making silicone encapsulating and reflector materials for light-emitting diodes.
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