Green Technology Solutions Inc. commercializes clean and renewable mining technology and products. The company recently highlighted its position in the industry and noted its plans to try and capitalize on South Korea’s push for new rare earth supplies.
In response to the rapid surge in rare earth prices worldwide, South Korea’s government in March pledged to increase its rare earth reserves to around 1,500 tons by 2014. Earlier this week, a Korea newspaper spread word that South Korea’s Ministry of Knowledge Economy (MKE) is negotiating plans to support the development of rare earths and other critical resources overseas, with rare elements as one of the targets.
As it stands, South Korea imports more than 2,500 tons of rare earth elements each year from China. China, which has progressively curbed its annual rare earth export quotas since 2006, is expected to execute more cutbacks in the future.
The MKE’s move would assist South Korean firms cut costs associated with rising commodities prices, but will also increase competition it faces from other global players.
Green Technology’s strategy to move in on this opportunity is to develop new mining projects in Mongolia, the Republic of Congo, and other emerging economies.
In February, the company formed a joint venture with Rare Earth Exporters of Mongolia (R.E.E.) to procure rare-earth mining claims and operations to convey Mongolian mining products via railway to a Russian seaport for shipment to South Korea, the U.S. and Japan.
More recently, 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.
For more information, please visit www.GreenTech-Solutions.com