“Back in October of 2017, Synchron which is an affiliate of General Atomics, a large private defense contractor, made an investment in Rare Element Resources to acquire about 33% ownership of the company. At the time we also provided an option to acquire up to 49% of the company for an additional $5 million. That option was for four years however Synchron decided to exercise its option two years earlier.” States Randall Scott, President, CEO and Director of Rare Element Resources Ltd. (OTCQB: REEMF), in an interview with InvestorIntel’s Jack Lifton.
Randall went on to say that Rare Element Resources is working with Umwelt-und Ingenieurtechnik GmbH (UIT), another General Atomics affiliate, in Germany to confirm and enhance Rare Element Resources’s proprietary rare earth separation technology. The testwork has made significant progress and has now progressed to pilot plant stage. Randall also said that Rare Element Resources proprietary technology has the potential to produce 98-99% mixed rare earth oxide concentrate and initial test work and initial pilot plant testing done by UIT has confirmed the technology.
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