The company said that the acquisition of Mongolian mining claims and operations is key to the JV’s plans to develop stable sources of rare earths outside of China.
GTSO and REE plan to acquire mining claims and operations in Mongolia and transport rare earth ore by rail to the international seaport of Vladivostok, Russia, to be shipped to the US, South Korea, and Japan.
Currently, China produces more than 90% of the global supply of rare earths, which are critical to the manufacture of defense systems and weapons, flat-screen televisions, Apple iPads, electric motors and wind turbines, among many other uses.
Last month, GTSO opened a rare earth transport office in the Mongolian capital of Ulan Bator.
