http://www.businesswire.com/news/home/20110606005534/en/GTSO-U.S.-Geological-Survey-Warns-Congress-RareJune 06, 2011 09:00 AM Eastern Daylight Time
Rising Demand and Dwindling Chinese Exports Threaten U.S.’s Rare Earth Supplies
SAN JOSE, Calif.--(BUSINESS WIRE)--As Green Technology Solutions, Inc. (OTCQB:GTSO) works to secure new sources of rare earth elements in Mongolia, Kenya, Botswana and elsewhere, demand for the critical elements continues to rise worldwide.
Bloomberg reported Friday that the U.S. Geological Survey told Congress’ House Natural Resources Committee that global demand for rare earths will increase at a rate of eight percent annually as production of green energy projects, tablet computers, smartphones and hybrid vehicles expands around the world. Domestic manufacturers concerned by potential supply shortages urged Congress last week to help reduce the U.S.’s dependence on China for its rare earth supplies. The Communist superpower, which produces more than 95 percent of the world’s rare earth supplies, alarmed many manufacturers around the globe by announcing last July that it would cut its export quotas by more than 70 percent despite growing global demand. In the months since, mineral prices have skyrocketed.