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  • Pacific Century Rare Earth Minerals Limited (PCL) is a partnership between Korea Natural Resources Trading Corporation (responsible for the development of the DPRK rare earth industry) and a private equity company SRE Minerals Limited;
  • In the agreement between the above-mentioned parties, PCL has the rights to develop all rare-earth element (“REE”) and associated minerals deposits in the Jongju area, North Pyongan Province. PCL’s rights under the joint venture agreement includes the exploration, mining, beneficiation and marketing of all REE and associated mineral in the said deposits for the next 25 years with a further renewal period of 25 years;
  • PCL will develop Jongju, which due to its size, geographical position in Asia and local cost advantage; will transform the global rare earth and associated mineral industry. This will be accomplished by PCL establishing a “Centre of Excellence” in the region with special reference to REE research, mining, beneficiation and advanced technological development;
  • Further, PCL has a policy of Sustainable Development where it is mining and in all related activities and responsibilities. Such policy is built into all of the Company’s Financial Models and is provided for accordingly;
  • PCL has a significant advantage of scale, and potentially has six times the amount of China’s total rare earth reserves. China is currently the dominant player in the global rare earth industry with over 90% of historic production and over 70% of current consumption. In addition PCL has over six times the potential reserves of all other rare earth deposits that are being explored or developed in the rest-of-the-world (less than 10% of these are at the commissioning stage);
  • PCL’s geological advantage is its mix of rare earth elements, which includes in-demand heavy rare earths, coupled with the critical metals and other minerals that it will also mine from the same area. PCL also has a claim to various other REE targets in DPRK, with special emphasis on HREE and associated minerals;
  • In terms of cost advantage, PCL will develop a processing facility in a central geographical location with an experienced workforce (DPRK have been working in the rare earth industry for more than 25 years), a low cost of skilled labour and no legacy issues. Aside from low local costs and the lack of legacy issues, PCL will be able to use the most cost and environmentally efficient processes currently available;
  • A vital part of the joint development plan is the establishment in the local community of the “Jongju Rare Earth High-tech Zone” which will be an industrial zone that will be established in the area adjacent to the Jongju “Super Target”. The industrial zone will help establish the downstream industry chain which will integrate with PCL’s upstream mining and refining and will create an economic “Super-hub” in the Jongju area;
  • PCL commenced work on the Jongju area in 2011, and with initial planning and initial investigation now complete, the company will commence with the next stage of detailed geological exploration.

    With over $4.7 trillion of in-situ rare earth potential, $729 billion of in-situ critical and associated mineral potential, a geographical, geological and cost advantage, PCL will become a global leader in the rare earth and critical metals markets.  

  • PCL is an ethical mining company that has multiple procedural controls in place to ensure that the company adheres to the international standards of corporate governance and CSR at all times. By adhering to a full set of mining best practices, and full legal compliance with all applicable United Nations and International regulations, PCL will responsibly develop its world class mining areas for the maximum benefit of all stake holders.