Green Technology Solutions (News 
- Alert) Inc, developer of clean and renewable technology, has announced that the company is negotiating with an international finance company for a multi-million-dollar line of credit to support development of rare earth resources in Mongolia.
GTSO President and CEO John Shearer said the finances will help GTSO and its joint venture partner, Rare Earth Exporters of Mongolia, to expand the exploration and rare earth developmental phase in the nation.
"The line of financing that we're negotiating now would allow us to capitalize on all of the groundwork we've laid in Mongolia. Once the credit is secured and the core sample analysis is complete, we'll be able to move on with the development process. It's a critical step forward for the company,” Shrearer said in a release.
The company has entered into several agreements which can help further the expansion and development of mineral assets across more than 17,000 acres in Mongolia. GTSO believes that this region has the potential to emerge as a major center for the commercial production of rare earth metals.
There is a growing demand for critical materials across the world and with rapid increase in green technology application adoption such as electric car batteries, photovoltaic solar panels and wind turbine generators. China, the world's dominant producer of rare earth materials, has set up further restrictions on exporting these assets.
Prices of critical materials have soared in light of the restrictions on the export of critical metals, which in turn has fuelled fears of supply shortage in the market. GTSO believes this has created favorable market conditions which the company is hopeful of harnessing.
Green Technology Solutions develops clean and renewable technology in an industry which comprises of companies such as Thompson Creek Metals Company, Inc., Freeport-McMoRan Copper & Gold Inc., and MV Rare Earth/Strategic Metals, Rare Element Resources Ltd.
Green Technology Solutions, Inc. is a
clean energy company that employs some of the most advanced green technology solutions in the production and distribution of
energy. Additionally, the company and its division Rare Earth Exporters focuses on the acquisition of rare earths metals and assets which can be utilized in encouraging green-tech innovations.
Calvin Azuri is a contributing editor for TMCnet. To read more of Calvin’s articles, please visit his columnist page.
