www.gwmg.ca
Great Western Minerals Group Ltd. is a Canadian-based company with six rare earth exploration and development properties in North America with an option on a sizable additional property in South Africa. In addition, as part of the Company’s strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Great Western Minerals signs rare earth supply agreement with Electron Energy
Great Western Minerals Group (TSX-V:GWG) (OTCQX:GWMGF) said Monday it has signed a letter of intent to supply Electron Energy Corporation with certain rare earth alloys to manufacture magnets. Further terms of the supply agreement were not disclosed.
Electron Energy, which was founded in 1970 and has roughly 120 employees, is a US-based rare earth magnet producer.
Great Western said it entered into the agreement based on its plans to put the former-producing Steenkampskraal mine in South Africa back into production.
"The interest of EEC in entering into this agreement with our Company is a concrete example of the importance of certainty of supply in today's Rare Earths market," said president and CEO Jim Engdahl.
The agreement focuses primarily on the supply of samarium metal, gadolinium metal, and samarium cobalt alloys.
Great Western's specialty alloys are used in the battery, magnet and aerospace industries. Its alloys contain aluminium, nickel, cobalt and rare earth elements. The company signed an off take agreement for 100% of the rare earth elements produced at Steenkampskraal mine and holds a 70.2% stake in Rare Earth Extraction Co., the owner of Steenkampskraal.
