SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCQB:GTSO) could be well-positioned to capitalize on South Korea’s aggressive push to secure new rare earth supplies.
South Korea is home of top-tier manufacturers including Samsung Electronics and LG Electronics that are reliant on affordable streams of rare earths to compete in the global retail electronics industry. Facing rapidly exploding rare earth prices worldwide, South Korea’s government pledged in March to increase its rare earth reserves to around 1,500 tons by 2014. Currently, South Korea imports more than 2,500 tons of rare earth elements each year from China, the world’s top producer of the critical metals. China has progressively curbed its annual rare earth export quotas since 2006, with more cutbacks likely forthcoming.
The Korea Times reported Wednesday that the country’s Ministry of Knowledge Economy (MKE) is making plans to underpin the development of rare earths and other critical resources overseas.
“We plan to put forth various efforts to help our corporations . . . secure raw materials,” said MKE official Kim Jong-ryeol. “Rare earth elements would be one of the targets.”
Stockpiling raw materials such as rare earths would help South Korean firms cut costs as commodities prices soar, but they will face stiff competition for the resources from around the globe. Rare earths are critical to the construction of a wide range of electronic products from iPads to electric car motors and are a crucial component in the weapons manufacturing industry. China’s decline in exports has many nations concerned over access to the rare metals as demand continues to skyrocket.
Green Technology Solutions, Inc. is working to position itself to capitalize on the increasing demand for rare earths and other minerals in South Korea and elsewhere by developing new mining projects in Mongolia, the Republic of Congo and other emerging economies. In February, GTSO formed a joint venture with Rare Earth Exporters of Mongolia (R.E.E.) to procure rare-earth mining claims and operations inside China’s neighbor to the north. The joint venture plans to convey Mongolian mining products overland by railway to a Russian seaport for shipment to South Korea, the U.S. and Japan. Earlier this month, the company announced that it is performing due diligence toward the formation of a global strategic profit alliance with Hampden Pait Holdings Ltd. to develop rare earths, gold and diamond mining operations in the Republic of Congo.
Last month, GTSO engaged a South Korean business consultant to assist in coordinating shipments of Mongolian rare earth ores to South Korea. GTSO is working to acquire R.E.E., which owns the rights to four mineral-rich properties in Mongolia for development into new rare earth mines, and the company anticipates its first rare earth exports from Mongolia to soon be sold to buyers in South Korea.
For more information on the joint venture’s transportation strategy, please visit http://www.rareearthexporters.com.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes General Moly, Inc. (AMEX: GMO), MV Rare Earth/Strategic Metals (NYSEArca: REMX), Danaher Corp. (NYSE: DHR) and Ivanhoe Mines Ltd. (NYSE: IVN).
About Green Technology Solutions, Inc.
The next generation of green technology—electric car batteries, wind turbine generators, photovoltaic solar panels—is made possible by precious elements mined from the earth’s crust, and the world’s dependence on these substances is rising fast. Today, these rare elements largely come from some of the most environmentally damaging mines in the world. Green Technology Solutions, Inc. offers clean mining solutions to the acquisition of rare earths, gold and other materials used in the latest green-tech innovations. Our cutting-edge clean mining techniques and strategies are generating business leads from around the globe as governments and corporations seek to lessen the environmental impacts of ore mining. GTSO is positioned to capitalize on exciting and potentially lucrative opportunities to develop cleaner mines in emerging nations around the world, including Mongolia, the Republic of Congo and many more. Our company is focused on aggressively growing and diversifying our business in order to produce green mining solutions for our clients on a global scale.
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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.