Great Western Minerals (CVE:GWG) announced that has signed a letter of intent with Electron Energy Corporation to supply samarium metal, gadolinium metal and samarium-cobalt alloys.
The press release is quoted as saying:
EEC is a fully integrated U.S. designer and manufacturer of Rare Earth magnets and assemblies. Founded in 1970 and with approximately 120 employees today, EEC is positioned as a significant American rare earth magnet producer
GWMG President and Chief Executive Officer Jim Engdahl said:
“The ability of GWMG to enter into this LOI is based on our Company’s plans to put the formerly producing Steenkampskraal mine 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.”