SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions Inc. (OTCQB:GTSO) President and CEO John Shearer announced today that the company is close to selecting a rare earth refinery to process rare elements exported from the nation of Mongolia.
In February, GTSO formed a joint venture with Rare Earth Exporters of Mongolia (REE) to explore new sources of rare earths inside the developing Asian nation. The joint venture’s Mongolian agents have since signed letters of intent to develop four sites there into productive rare earth mining operations. Earlier this week, GTSO signed a letter of intent to acquire REE as a wholly owned subsidiary and position itself as the sole owner of the four properties’ potentially lucrative mining rights.
As GTSO completes its due diligence toward beginning mining operations in Mongolia, Shearer said Wednesday that the company will soon select a rare earth refinery to process the company’s mineral ores exported from the former Soviet state.
“We intend to maximize the profitability of these elements by having them refined into finished products,” Shearer said. “There are several refineries around the world we are investigating that are capable of performing the necessary work. We expect to make a decision soon based on careful cost/benefit analysis.”
Shearer said he has researched rare earth refineries in Malaysia, Canada, Kazakhstan and Myanmar. GTSO plans to transport rare earth ore from Mongolia to the international seaport of Vladivostok, Russia, to be shipped to a refining facility. Once processed, the rare elements will be sold to buyers in South Korea, Japan, the U.S. and elsewhere.
“We’re working to begin production of Mongolian rare earth elements as quickly as we can,” Shearer said. “Certainly, it takes time to achieve a commercial scale of production, but as the world faces projected supply deficits, we expect demand for rare earths to grow stronger still in the near future and beyond.”
Rare earths comprise 17 elements highly crucial to modern manufacturing. Thanks to their unique properties, the heavy elements are essential to the production of green technologies such as wind turbine generators, thin-film solar panels and electric car batteries as well as flat-screen televisions, iPads and more. China has supplied more than 95 percent of the world's rare earth demand, but recent rare earth policy decisions by its government may indicate that the days of cheap Chinese rare earth exports are at an end. In recent months, China announced cuts in export quota, a new resources tax, stricter emission limits on miners and crackdowns on illegal mining, causing the price of rare earth to skyrocket.
By developing new sources of rare earths inside Mongolia, China’s neighbor to the north, GTSO aims to help ensure an abundant and affordable stream of the critical materials to the U.S. and its allies. For more information on GTSO’s plans to mine and transport Mongolian rare earth ore, please visit http://www.rareearthexporters.com.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes MV Rare Earth/Strategic Metals (NYSEArca:REMX), Mitsubishi UFJ Financial Group, (NYSE:MTU), EI DuPont de Nemours & Co. (NYSE:DD) and Canon Inc. (NYSE:CAJ).
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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