SAN JOSE, Calif.--(BUSINESS WIRE)--In a bold move to secure new sources of rare elements outside of China, Green Technology Solutions, Inc. (OTCQB:GTSO) today announced the signing of an option agreement with Hampden Pait Holdings, Ltd. (HPH) to explore and develop new mining projects in the Republic of Congo. The agreement covers the mining rights to rare earth, gold, diamonds, and other precious minerals.
Hampden Pait Holdings is an Ontario, Canada-based company collaborating with the Department of Pool Regional Government to undertake extensive infrastructure and economic development projects inside the Republic of Congo’s Pool region. HPH holds the right to develop mining and exploration projects within the Department of Pool. According to the option agreement, GTSO will have 30 days to conduct a due diligence review of HPH and its rare earth prospects there toward the negotiation of a definitive agreement.
“The possibility of developing rare earth mines in the Republic of Congo presents us not only with an opportunity to create a new supply stream of critical materials, but also to bring new jobs and economic development to a developing nation,” said GTSO President and CEO John Shearer. “HPH is set to take on a great many profitable projects in the region, and we are excited to potentially work alongside them.”
GTSO has been working to develop new sources of rare earth elements outside of China for months. The critical metals are crucial to the manufacture of green energy technology, including wind turbine generators, electric car batteries and photovoltaic solar panels. In the past year, rare earth elements have experienced exploding prices driven by new policies enacted by the world’s dominant producer, China, aimed at reining in production. The Communist superpower currently accounts for more than 95 percent of global rare earth supplies. With China now restricting new mining licenses, cutting rare earth quotas and imposing heavier taxes, rare earth explorers outside of its borders such as GTSO are poised to capitalize on worldwide fears of potential shortages.
Currently, GTSO is working to help develop four potential mining sites in the Central Asian nation of Mongolia. Much like the Republic of Congo, Mongolia is a mineral-rich country with an economy ripe for expansion, Shearer said.
“In our experience, developing nations are very encouraging of foreign investment in profitable ventures such as those we’re exploring,” he said.
GTSO expects to make its first shipment of rare earth ore from Mongolia to South Korea this month.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes 3M Co. (NYSE: MMM), MV Rare Earth/Strategic Metals (NYSEArca: REMX), SPDR Gold Shares (NYSEArca: GLD) and Danaher Corp. (NYSE: DHR).
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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