Latest update November 15th, 2024 1:00 AM
US Company acquires 44 square-mile plot in Kaituma
…. to explore for rare minerals used in electronics
REE International, Inc. a US-Based mineral exploration company focused on
China has a 97% monopoly on rare earth production, key in the making of parts for products from iPods to defense materials.
‘rare earth elements,’ has announced the acquisition of a rare earth property in Port Kaituma, Region One.
REE International recently received approval to conduct business in Guyana by the Guyana Geology and Mines Commission, a Market watch statement said yesterday.
The newly acquired property covers 44 square miles with over 200 concessions.
“According to initial estimates by the Guyana Geology and Mines Commission done in 2009, the initial estimates of Columbite-Tantalite believed to be in the ground are in excess of US$10M at today’s prices.”
Columbite-Tantalite, also known as coltan, is a black metallic ore from which the elements tantalum and niobium are extracted.
Tantalum is used to manufacture electronic capacitors for consumer electronic products such as mobile phones, DVD players, video game systems, and computers.
Niobium is used mostly in alloys, but is also used in electronic circuits and other applications.
“We are pleased to add this property to our portfolio,” stated Tom Mackay, CEO of REE International.
“We believe this acquisition will increase our value as a company significantly.”
The statement said that REE International, Inc. is a U.S.-based mineral exploration company seeking to identify and build an inventory of mineral properties with a primary emphasis on South America.
The company will initially focus on the exploration, mining and sale of tantalum and niobium from their Santa Cruz property located in Venezuela.
REE International, Inc. is an innovative and aggressive US based exploration and Development Company.
Headquartered in Massachusetts, REE International, Inc. is positioning itself to be at the forefront of the United States efforts to free itself from the reliance of China for necessary rare earths.
REE International, Inc. holds the rights to a 778 acre property located in Santa Cruz, Venezuela. South America is known as one of the world’s tantalum richest areas and says it is fast becoming a leader in the exploration and development of these vital rare earths, the company’s website said.
China currently has a monopoly over rare earth elements (REE) – minerals and metals used in products from iPods to defense material – which is raising concerns around the world.
Some fear China will level exportation bans during disputes like it allegedly did earlier this year against Japan.
Others are concerned about the potential security threat represented by China’s virtual monopoly over the strategically important REE.
There are concerns that China will reduce output of REE to artificially inflate prices, instead of environmental reasons as it purports, which is an abuse of its immense market power and a violation of World Trade Organisation rules.
China has market dominance; it controls 97 per cent of the world’s REE supply.
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