This transcript is automatically generated
Shares in the regions.
Well rare earth metals are used in a variety of products from your iPhone to electric cars military defence systems -- the US.
Is currently tied before last with -- New Guinea.
And -- time did it actually takes to get a permit for new mind to get them so it should be no surprise that we are David very dependent on imports of these.
-- products -- -- definitive better than Bob and -- the proper New Guinea viewers out there but our next -- just announced that he got.
One of those hard to get permits joining us now is US rare earth -- Then the parties while -- congratulations.
How the heck did you do it I mean I I I know all the hoops that you have to.
-- or maybe you could just go through some of those hoops for audience who who don't know how difficult these regs are.
What David -- have to do with you know we're we're quite pleased of the US where Earth's.
Which is our company we have six properties across -- three states Idaho Montana.
And Colorado we today announced that we received just a few minutes ago -- so we received our drill permit.
For our property in Montana and I must say we have very very positive relations with the Bureau of Land Management federal agency.
And the Forest Service a federal agency in terms of our working with us to make sure we get those from.
-- damages show that the time that it takes to get through somebody just you know it used to be -- Joseph ice -- Latin America was a joke about how long it would take.
To set up a business in Latin America sometimes months -- years in here would take five minutes.
We're going in exactly the opposite direction in the US I know you got friends there you rely on.
-- these bureaucrats for help but you know some of that red tape has to be cut now.
'cause some of that red tape yesterday cut it takes us on average in the United States seven to ten years to permit a minor move it from discovery in the production.
And that compares and some -- for instance.
With Australia and other industrialized democracy -- takes about eighteen to 24 months.
Here and have to two years Canada three years to five years and as you said in the setup and on site wrote in the article.
Week back we're tied for last place amongst the amongst the mining nations will Papua New Guinea for -- length of time it yeah.
That's a staggering statistics so let me -- couple questions that you you've got there -- permit when he gestured drilling.
Well we can start drilling as soon as the weather clears there we've got to deal with snow and and some of the conditions about getting access to neutral sites -- were were very fortunate position because we're gonna be in the field have a very very active.
And what are you what are what are you drilling for we've been talking about what kind of technology these didn't rare earth minerals go into you.
What are -- drilling for and what kind of products will they be used to make.
Well we're proving up the rarer -- which are seventeen elements on the periodic chart.
Down at the bottom.
And they tend to present -- together and we believe we've got good the concentrations that are economically viable.
In the area in Montana and also Idaho as well.
They're used in high tech they're using green tech solar wind -- we -- -- make the transition of the green tech energy sources.
And and they're used in advanced weapons -- -- the United States right now.
Is dependent on Chinese supply for at least two dozen of our major defense.
Let's look at -- scary guy considering that we find out there were in a cyber war where the Chinese -- war with us hacking into summer systems.
So were dependent on China for these strategic metals do we have the capacity.
To mine those same metals that we're dependent on trying to -- What David -- in China provides -- 9795.
To 97% of the world's -- supplied them at the moment.
Which -- a huge monopoly on the other hand it's one that we handed to them because the United States has.
-- reserves known -- resources that we're working to prove up our company and other companies are working to do that now so.
We have not been in the game we're getting in the game but it takes time because of this permitting process to move into production -- and -- time where at a disadvantage.
And regulations I getting the permit deadlock with the drilling start anyway and thanks for joining us to share the news -- RD thank you thank think there are some happy to be her appreciate it combatants is -- clocks.