Rare Earth Market and Price Update
Globe Metals & Mining ("Globe" or "the Company"; ASX: GBE) is pleased to provide an update on the rare earth market and prices.
Highlights
- Rare earth prices risen 3-5x since January 2011
- Demand forecast to increase 60% between 2011 and 2015
- US legislation to mandate strategic stockpiling of rare earths
- China to encounter shortfalls particularly heavy rare earths (HREOs)
- Globe's major shareholder ECE has committed to an "open source" sales process for any rare earth products
- Globe exploring three exciting rare earth projects
Globe's Rare Earth Projects
Globe has three exciting rare earth projects: Mount Muambe in Mozambique (earning up to 90%), and Salambidwe (100%) and Machinga (earning up to 80%) in Malawi. All three projects will be subject of extensive exploration work over the course of 2011 and 2012, and the Company will regularly update
the market on its activities and results.
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