First Mongolian rare earth shipment to be sold to S Korea

15:33, April 19, 2011      

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Green Technology Solutions Inc. (GTSO)will send its first Mongolian rare earth shipment to South Korea in June, local media reported Tuesday.

In an earlier report, GTSO President John Shearer said the company had targeted April for this initial shipment.

GTSO formed a joint venture with Rare Earth Exporters of Mongolia (REE) in February, aiming to obtain rare earth mining claims and operations in Mongolia.

Shearer said demand for rare earths was at an all-time high, and they were working hard to begin the mining operations as quickly as possible.

The company plans to send a shipping container full of rare earth mined from Mongolia to the Russian port of Vladivostok by railway, and then ship it to Seoul, he said.

But a further analysis of the content and density of the rare earth is needed, and the ore will be taken to the government labs.

Rare earth elements are vital to the manufacture of electronics, superconductors, clean energy products and so on.

Domestic use and environmental concerns have led to fewer mining permits in China, resulting in fewer exports and higher prices in the international market.

According to a 2009 estimation by the U.S. Geological Survey, Mongolia has 31 million tons of rare earth reserves, or 16.77 percent of the total global reserves, making it the second biggest holder in the world after China.

Source: Xinhua
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