SALT LAKE CITY, March 9, 2011 /PRNewswire/ -- Garb Oil & Power Corporation ("Garb") (Pink Sheets: GARB) has technology and know-how to facilitate the extraction of Rare Earth Minerals from Electronic Waste.
Garb plans to build 30 EWaste plants across the United States by 2015, which recover rare earth minerals from consumer electronic waste. The plants will separate rare earth minerals and re-melt them to sell as a commodity.
In the last 3 months prices for rare earth minerals have jumped 400 to 700% and will continue to increase. For example, Neodymium oxide, one of the rare earth minerals used in mobile phones and consumer electronics, costs $88.50 a kilogram in 2010 - more than four times its price in 2009. Cerium oxide, the lowest value rare earth mineral, has jumped 930% to over $35 per kilo, while the more valuable dysprosium jumped 220% to $286 per kilo.
China has announced that it will cut export permits for such minerals by 35% in the first half of 2011. China is responsible for 95% of global rare earth mineral production and about 60% of consumption currently originates from there. China has a stranglehold on the supply of rare earth elements, and it's not easy to obtain rare earth minerals elsewhere in the world.
Producers of rare earth minerals outside China, such as Molycorp, have seen their share price appreciate from $13.25 in April to $60.06 in the first week of 2011. Lynas Corp and Rare Element Resource have rocketed since July 2010.
President, John Rossi, states, "Garb's technology facilitates the extraction of minerals, making it easier for foundries to separate Rare Earth Minerals (REM) and make them available in the marketplace. Our capacity to deal in large volumes and the ability to facilitate the separation of the REM helps this industry worldwide."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this document that are not historical fact are forward-looking statements based upon management's current expectations. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The results anticipated by any or all of these forward-looking statements may not occur. Garb-Oil & Power Corporation is not required to update its forward-looking statements.
CONTACT for Garb Oil & Power Corporation:
John Rossi: 1-801-738-1355
SOURCE Garb Oil & Power Corporation