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GREAT WESTERN MINERALS GROUP SIGNS LONG TERM CO-OPERATION AGREEMENT WITH AICHI STEEL TO SUPPLY RARE EARTH ALLOYS FOR WORLD’S STRONGEST BONDED MAGNETS
GREAT WESTERN MINERALS GROUP SIGNS LONG TERM CO-OPERATION AGREEMENT WITH AICHI STEEL TO SUPPLY RARE EARTH ALLOYS FOR WORLD’S STRONGEST BONDED MAGNETS.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP SIGNS LONG TERM CO-OPERATION AGREEMENT WITH AICHI STEEL TO SUPPLY RARE EARTH ALLOYS FOR WORLD’S STRONGEST BONDED MAGNETS April 27, 2011 - Saskatoon, Canada: Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\", TSX:V – GWG) announces that it has, through its wholly owned subsidiary Less Common Metals Limited (“LCM”), signed a long term Co-operation Agreement with Aichi Steel Corporation (“ASC”) of Japan. ASC is a part of the Toyota Group of Companies. LCM is a producer of Rare Earth metals and alloys to the worldwide magnet industry. It has been supplying ASC with neodymium iron boron (“NdFeB”) alloys for more than 10 years. The alloys supplied have been consumed in the “MagFine” TM facility of ASC where they have been used to manufacture an anisotropic magnet powder capable of producing the world’s most powerful bonded magnets. To date more than 20 million magnets have been produced and successfully applied in components that combine drastic reductions in weight with high power efficiency for automotive and other applications. ASC is a speciality steel producer with an electromagnetic division aimed at the development of new and proprietary magnetic materials. Within this division is the “MagFine” business which is undergoing a rapid expansion program, causing a doubling of the size of its current production facility in Seki, Japan. The Seki plant provides all the powder to the “MagFine” manufacturing sites which are located in Japan, Czech Republic, Korea and China. With further expansion planned throughout the world ASC expects volumes to grow significantly over the coming years. Dr. Y. Honkura, Senior Managing Director at ASC, stated, “Given our ambitious plans for the expansion of our “MagFine” product, it ...