The demand for the critical metals from the green technology sector continues to increase, as Green Technology Solutions, Inc. prepares to ship its first load of rare earth ore from Mongolian mines. The report presented by Pike Research (News - Alert) predicts that demand for rare earths from green-tech applications will reach 12,920 tons per year by 2017, placing an increased strain on already tightening global supplies.
In a press release, John Shearer, President and CEO of GTSO, said, “The explosion in demand from manufacturers of new electric vehicles has made rare earths a very valuable commodity in South Korea and around the world. Our company is working quickly to capitalize on these extraordinary market forces and help usher in a new era of green technology.”
The rare earth prices have increased drastically since last July, following the institution of new export quotas for the rare metals by China, the world’s dominant producer. The narrowing supplies have sparked global fears of supply shortages in the green technology sector, as rare earths are critical to the manufacture of wind turbines, fuel cells, electric vehicles and much more.
Euan Sadden, Pike Research analyst, said, “The short term picture for rare earth metals in the clean technology industry will be characterized by a significant supply risk brought about by China’s strict new export quotas. This will almost certainly influence the adoption and commercialization of certain technologies across the cleantech industry.”
Green Technology Solutions (News 
- Alert), Inc. was recently in the news when it announced that the company is making arrangements for a live video feed via satellite on the company's Web site of the beginning, transit and delivery of its first shipment of rare earth ore from Mongolia to South Korea. According to a release, the live video feed is being established for interested viewers to see on the company's Web site, GreenTech-Solutions.com.
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Sujata Garud is a TMCnet freelancer with three years of writing/editing experience and two years of market research experience. As an editor she has covered the IT, electronics, banking, pharma, construction, mining and healthcare industries. To see more of her articles, please visit her columnist page.
Edited by Jennifer Russell
