SAN JOSE, Calif.--(BUSINESS WIRE)--A statement from a Chinese commerce ministry spokesman on Thursday supports the assertion by Green Technology Solutions, Inc. (OTCBB:GTSO) and others that China will continue to impose further regulations on exports of rare earth minerals.
Commerce Ministry spokesman Yao Jian said at a press conference that the communist nation would increase regulation of rare earth exports and crack down on smuggling of the precious minerals. China currently produces more than 90 percent of the global supply of rare earth, and the communist nation's tightening grasp on these crucial resources is raising concerns in the U.S., Japan and South Korea over the continued security of supplies. Rare earth elements are critical to the manufacture of a wide range of electronic products from iPads to electric car motors and are a crucial component in the weapons manufacturing industry.
China has continuously slashed rare earth export quotas since 2006 and has imposed steep export taxes on the minerals. By acquiring mining claims and operations in Mongolia, China’s neighbor to the north, Green Technology Solutions seeks to help avoid the looming global supply crisis while instituting cleaner mining technology to minimize environmental contamination. Earlier this month, GTSO and Rare Earth Exporters of Mongolia (REE) announced the formation of a joint venture to accomplish those goals.
The JV plans to convey Mongolian mining products overland by railway from the capital city of Ulan Bator to the international seaport of Vladivostok, Russia, in order to avoid shipping through China. Destination ports for these mining products are set to include the U.S., Japan and South Korea, checkmating China’s strategic export policies.
This week, joint venture announced the hiring of a director of operations, a director of shipping and exports and a reconnaissance survey geological team to facilitate the development of a new rare earth supply chain within Mongolia.
The joint venture is also aggressively seeking qualified personnel that can be sponsored for work in the nation of Mongolia. Open positions may be viewed at http://www.rareearthexporters.com/careers.html.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Molycorp, Inc. (NYSE:MCP), Teck Resources Limited (NYSE: TCK), General Dynamics (NYSE:GD) and Honda Motor Company (NYSE: HMC).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (GTSO) is an OTCQB publicly traded company. OTCQB is the middle tier of the OTC market. OTCQB companies report to the SEC or a U.S. banking regulator, making it easy for investors to identify companies that are current in their reporting obligations. GTSO acquires, develops and implements the newest clean mining technology to enable our partner clients to expand operations throughout the world. Environmental restrictions represent the largest restriction to mining industry growth and operations. GTSO focuses on overcoming these environmental restrictions with brilliant cutting-edge clean mining technology.
For more information, please visit http://www.GreenTech-Solutions.com.
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