REE International acquires rare earth property in Guyana

21 March 2012 (Last Updated March 21st, 2012 18:30)

US-based REE International has acquired a rare earth property located in Port-e-Kiatuma, Guyana, for an undisclosed sum.

US-based REE International has acquired a rare earth property located in Port-e-Kiatuma, Guyana.

The new property covers 44 square miles with over 200 concessions.

REE International CEO Tom Mackay said the company is pleased to add the property to its portfolio.

"We believe this acquisition will increase our value as a company significantly," said Mackay.

The company recently received approval from the Guyana Geology and Mines Commission to conduct business in Guyana.

The initial estimates of Columbite-Tantalite believed to be in the ground have an estimated value of $10m, according to the Guyana Geology and Mines Commission.

Columbite-Tantalite, also known as coltan, is a black metallic ore from which elements tantalum, used to manufacture electronic capacitors, and niobium, used mostly for alloys, are extracted.