BEATRICE, Nebraska and CONCEPTION, Chile, April 06, 2017 (GLOBE NEWSWIRE) -- Rare Earth Salts (“RES”), a leading mineral and applications technology company, and Minera BioLantanidos (“MBL”), the first Chilean Rare Earth company, today announced the signing of a commercial agreement to produce separated rare earth oxides from MBL’s ionic clay deposit. The Parties expect to produce fifteen (15) high purity rare earth oxides with initial saleable product expected in first half of 2019.
“This is a significant milestone for the rare earth industry. Together we will be bringing into production and establishing a consistent, high value, low cost, and environmentally friendly rare earth supply chain outside of China,” said Dr. Joseph Brewer, Chief Executive Officer of RES. “MBL has the most advanced and attractive deposit we have tested globally and they are an ideal partner for RES to facilitate the full scale production of rare earth oxides. The deposit is very similar to those in Southern China which supply most, if not all of the world’s heavy rare earth production today.”
“This agreement further demonstrates our commitment to near term production in a manner that is both clean and cost competitive with the Chinese,” said Ignacio Del Rio, Chief Executive Officer of MBL. “The combination of our extraction technology and RES’ separation technology allows for the economic production of rare earths from our world class deposit despite the current depressed pricing environment. We are looking forward to bringing product to market.”
The Commercial agreement will see initial production of 500 metric tons per annum of rare earth oxides.
MBL will produce a 95% pure Rare Earth Oxide Concentrate in Chile using its environmentally friendly and proprietary extraction process. The concentrate will be shipped to a RES facility for separation and purification using its proprietary technology.
About Rare Earth Salts
Rare Earth Salts is a leading industrial and applications technology company with the goal of achieving near term commercial production. The Company has developed a patent pending industrial technology proven to efficiently and economically separate and refine all 16 Rare Earth Elements to high purity. The process is environmentally friendly and projects significantly reduced cost versus standard processing. For more information visit: www.rareearthsalts.com.
About Minera BioLantanidos
Minera BioLantanidos is a Chilean company fully dedicated to the exploration and production of rare earth elements. The Company, the first of the region specialized in the REE industry, aims to provide these elements to the interested parties in a sustainable, secure and responsible way, with both the communities and the environment. To accomplish this, the Company has developed different processes, methodologies and equipment that maximize the efficiency of its operations, including the Close Continuous Leaching Process, validated in MBL’s Pilot Plant and to be replicated in the Company’s first Commercial Plant.