GTSO Resources (OTCQB: GTSO) isn’t alone in exploring new opportunities in the booming global tungsten market: Rising prices and demand for the super-hard metal have sparked new mining activities around the world as manufacturers seek new sources for the critical element outside of China.
Currently, China supplies 85 percent of the world’s tungsten, but as new technologies spur major increases in its usage and the country decreases mineral exports, the mining superpower may not be able to meet the surging global demand. Tungsten prices are rising fast, leading miners outside of China to redevelop and expand dormant tungsten projects.
EMC Metals, for example, is making plans to restart operations at its Springer mine in the U.S. The company claims to have spent more than $20 million reconditioning the property in the past few years and has announced its intent to develop detailed multi-year mining plans this year.
King Island Scheelite completed the feasibility study and purchase of key mine-related land for its Dolphin project in Australia this year, and Malaga, which successfully restarted the Pasto Bueno mine six years ago, recently announced plans to construct a pilot plant to process its tungsten tailings as a source of additional production.
GTSO is moving aggressively to capitalize on the call for tungsten supply diversity, as well. The company began vetting targets late last week and has identified two mining entities for potential acquisition, joint venture and partnership: one in the U.S. and one in the Canada. GTSO plans to move forward with preliminary agreements with one or both companies in the coming days.
For more information on GTSO Resources’ mineral development strategy, please visit www.gtsoresources.com/investors.html.
GTSO plans to service a fast-growing global appetite for rare and precious metals to compete in an exciting sector that includes Goldcorp Inc. (NYSE: GG), Newmont Mining Corp. (NYSE: NEM),Royal Gold, Inc. (NASDAQ: RGLD) and Barrick Gold Corp. (NYSE: ABX).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. [www.GTSOresources.com] is a growth-oriented company exploring rare earth minerals and precious metals production around the world. To learn more, please visit our website at www.GTSOresources.com/investors.html.
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