Great Western Minerals Group Ltd. is engaged in becoming an integrated rare earth producer. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company’s wholly owned subsidiaries Less Common Metals Limited in Ellesmere Port, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain transition metals including nickel, cobalt, iron and rare earth elements. As part of the Company’s vertical integration strategy, GWMG also holds 100% equity ownership in Rare Earth Extraction Co. Limited, which controls the Steenkampskraal monazite mine. In addition to an exploration program at Steenkampskraal, GWMG also holds interests in four active rare earth exploration and development properties in North America.
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.