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 appoints Rare Earth Extraction Co president
Great Western Minerals Group (CVE:GWG) has appointed Mohamed Madhi as president of Rare Earths Extraction Company (Rareco), a business in which Great Western holds a 70% stake.
Madhi has served as a member of Great Western's advisory board and last October, was appointed to Rareco's board of directors.
He has also been chairman of Areva South Africa and the CEO of Safika Resources, a South African company focused on mineral exploration and mining. In addition, Madhi has held executive positions at African utility company Eskom, and gold mining business Harmony Gold.
Great Western recently launched a takeover offer for Rareco, the owner of the Steenkampskraal rare earth mine, to acquire its remaining shares. The offer was approved by Rareco's board and is now awaiting final approvals.
In September, Great Western purchased 10 million shares of Rareco, becoming the company's largest shareholder with a 20.8% stake. It also signed an off-take agreement for 100% of the rare earth elements produced at the Steenkampskraal mine, before gradually increasing its shareholding in Rareco and launching a formal takeover proposal.
"It was clearly the appropriate time to further elevate our level of leadership commitment to Rareco and the Steenkampskraal project," said Great Western president and CEO Jim Engdahl.
"To be able to do so with someone with Mohamed Madhi’s experience and expertise in the African resource sector is yet another important step forward in the timely execution of GWMG’s corporate strategy of becoming a fully integrated Rare Earths producer."
Great Western's specialty alloys are used in the battery, magnet and aerospace industries. The company also holds interests in seven rare earth exploration and development properties in North America.
