SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCBB:GTSO) announced today that the Mongolian agent company for its JV with Rare Earth Exporters of Mongolia (REE) has executed a new land lease agreement in the mineral-rich province of Tuv.
The JV between GTSO and Rare Earth Exporters of Mongolia was formed last month for the purpose of expanding rare earth production and exports from the Asian nation. The acquisition of Mongolian mining claims and operations is key to the joint venture’s plans to develop stable sources of rare earths outside of China.
GTSO President and CEO John Shearer said Friday that the company looks forward with great anticipation to seeing the mineral yield estimate reports on the new property, which are being scheduled now. GTSO management expects the new property to be especially rich in yttrium, tantalum, niobium, thorium and zirconium. These rare earths are vital to worldwide manufacturing of everything from consumer electronics to superconductors.
“We’re in a celebratory mood at GTSO headquarters,” Shearer said. “This lease is a big step forward in our plan to help solve the global rare earth supply crisis while instituting cleaner mining technology to minimize environmental contamination.”
The new site is located in the Erdenesant district of Mongolia’s Tuv province. The district surrounds the Mongolian capital of Ulan Bator, where the joint venture’s new operations office is located. Dorj Atantogos, the JV’s director of Mongolian operations, signed the agreement.
Ulan Bator is Mongolia’s road and rail transportation hub. Mongolian rail is connected to the Trans-Siberian Railway in neighboring Russia. The joint venture plans to utilize that transportation infrastructure to convey Mongolian rare-earth mining products to the international seaport of Vladivostok, Russia, where it can be shipped to the U.S., Japan and South Korea without traveling through China.
“Currently, Mongolian trade is over-reliant on China, and their government would like to encourage more trade diversity,” Shearer said.
GTSO and its Rare Earth JV plan to strictly adhere to Mongolian law in its development efforts. Rare Earth Exporters of Mongolia’s transportation strategy can be seen at http://www.rareearthexporters.com/mission.html.
In addition to advanced weaponry and defense systems, rare earths are essential to the production of clean energy technologies such as permanent magnets, hybrid and electric car batteries, solar panels, wind turbines and energy-efficient lighting. Domestic usage and environmental concerns in China are leading to fewer mining permits, fewer exports and rising prices. GTSO formed the joint venture with REE in order to capitalize on these market dynamics.
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.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Molycorp, Inc. (NYSE:MCP), Siemens (NYSE:SI), United Technologies Corp. (NYSE:UTX) and Koninklijke Philips Electronics (NYSE:PHG).
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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