Green Technology Solutions (GTSO) has signed a letter of intent with Mongolia's Ar Erkhes to excavate and ship rare earth ore from three mining sites in Mongolia to South Korea.
Both firms are planning to ship a 20t container of rare earth ore from these sites to Seoul, South Korea, for mineral analysis this week.
Last month, GTSO commissioned a new rare earth mineral assay that confirmed the presence of rare elements at the first of several Ar Erkhes mining properties.
GTSO president and CEO John Shearer said the firm has been working hard for months to develop new sources of rare earth in Mongolia for export to the US.
"We plan to announce a completed PPA with Ar Erkhes very soon and to begin making regular shipments of rare earth ore around the world," said Shearer.