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Date Announced: 08 Feb 2011
Joint venture looking at potential for exporting rare-earth deposits from Mongolia.
SAN JOSE, Calif.--(BUSINESS WIRE)--A report released this month by the American Security Project supports Green Technology Solutions’ (OTCBB:GTSO) assertion that the U.S.’s reliance on China as the sole supplier of rare earth metals represents a national security risk.
The American Security Project (ASP) is a nonprofit, bipartisan public policy and research organization dedicated to fostering knowledge and understanding of a range of national security issues. ASP released the report, titled "Rare Earth Metals and U.S. National Security," last week. According to the report, China controls more than 90 percent of the rare earths market, making the U.S. totally reliant on the communist nation for the production of its most powerful weapons.
"The reality is the U.S. has not done enough to secure the supply chain from an inevitable shortage of rare earths expected to come in the next two to three years,” said Dr. Jim Ludes, ASP’s executive director.
Green Technology Solutions is working to change that. GTSO announced yesterday that it has entered into a joint venture agreement with Rare Earth Exporters of Mongolia (REE) in order to procure rare-earth mining claims and operations in the developing nation of Mongolia. 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.
The vast majority of China’s rare earths are mined in the country’s Inner Mongolia region, which lies along the southern border of the nation of Mongolia. Many experts believe that Mongolia, a former Soviet state, contains rare earth deposits that rival those of China.
The joint venture plans to convey Mongolian mining products overland to railway for transport to the 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.
By developing a new source or rare earths outside of China, GTSO aims to counter the rising superpower’s near-monopoly over the critical materials and ensure the U.S.’s energy and defense security.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Molycorp, Inc. (NYSE: MCP), Avalon Rare Metals, Inc. (AMEX: AVP), Rare Element Resources Ltd. (AMEX: REE) and ITT Corporation (NYSE: ITT).
Source: Green Technology Solutions
E-mail: via web site
Web Site: www.greentech-solutions.com/
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