QGX Ltd. announced Thursday that three drill holes used for exploration at its Khotgor site returned significant concentrations of rare earth elements, which is an indicator of significant iron ore deposits.
The abundance of the rare earth elements leads scientists to believe a large deposit of iron ore lies below. Specifically, company officials believe two iron ore deposits may be as large as 600m and 1500 m in length.
Global demand for rare earths is expected to grow in a number of high-tech applications, especially in permanent magnets, consumer electronics, and automotive catalytic converters. In particular, demand growth will be seen in the automotive industry as more electric components replace hydraulic systems and NiMH rechargeable batteries are used in hybrid vehicles.
Source: Mongolia Web
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