Yesterday, Green Technology Solutions, Inc. and Rare Earth Exporters (REE) announced that they formed a joint venture to open a transport office in Mongolia for the purpose of obtaining rare earth mining claims in Asia. Former Soviet state Ulan Bator, the largest city and industrial capital of Mongolia, is a major transportation hub for the region, connected to Russia by the Trans-Siberian Railway. The venture between GTSO and REE will be utilizing this to export rare earth mining products to the Russian seaport of Vladivostok.
GTSO obtains and develops clean mining technology for various partner clients, who then use it in mining operations around the world. Environmental restrictions are the largest roadblocks to expanding growth in the mining industry, and GTSO capitalizes on discovering newer, green mining solutions that can be used without breaking restrictions.
Rare earth materials are necessary for many modern electronics and computing equipment, so maintaining a low market price is essential. Currently, obstacles such as economic difficulties and environmental concerns are making rare earth mining permits in China more difficult to obtain; 95 percent of rare earth materials are produced in China, driving up prices on these vital materials as a result. GTSO has partnered with REE to capitalize on this situation, by searching for and obtaining rare earth materials in nearby, more-accessible Mongolia.
“This new office gives our joint venture the best possible location to coordinate the transportation of Mongolian Rare Earth products to seaport,” said GTSO President and CEO John Shearer. “It will also accommodate additional executive management, geologists, transportation schedulers and mining operations personnel.”
“China has caused significant supply concerns by slashing export quotas three times in the past two years,” Shearer said. “By developing a new source of rare earths in Mongolia, we plan to help secure the supply chain of these materials to America and its allies, preventing the likelihood of shortages.”