Rare Earth Metals Inc. (TSXV:RA) announced that it has finalized the Company’s global rare earth vertical integration strategy. The Company also reported that it has devised the management’s future action plans.
As quoted in the press release:
REM’s management team, board of directors and advisory board, along with its strategic alliance partner, CEC Rare Earth Corporation (“REC”), have the background, knowledge and experience to complete all aspects of the production and marketing of rare earth metals. This strategy takes full advantage of the REM/REC alliance and includes all aspects of the rare earth industry from exploration and mining to constructing and managing large scale rare earth separation plants.
REM, President and CEO, Tracy A.Moore, commented:
We are very pleased to outline REM’s proposed action plans to generate future revenues and to commission the design and construction of a heavy rare earth refinery in 2013 for completion in 2014. As a result of our strategic alliance, REC is prepared to begin planning and engineering work on future refining capacity for REM. Furthermore, the action plan anticipates the generation of “revenue and sales” relationships in 2013 by leveraging REC’s connections to secure supply allocations in China and outside China. These are the initial key building blocks for REM to realize its vision of a vertically integrated rare earth business. Over the past three months REC has been collaborating with REM in finalizing the details of a four year action plan designed to achieve our goals. REM has been negotiating with REC to access REC’s expertise in refinery design, construction and operations as well as securing access to its partners.