Monazite focused rare earth firm Medallion Resources (CVE:MDL, OTCQX:MLLOF) says it expects to build a large scale processing facility in the Gulf States.
The firm has been meeting with potential Middle East
sovereign-supported joint-venture partners since March to arrange
potential investment and to locate a suitable site for the facility and
will reveal more when negotiations are complete.
The firm's chairman and chief executive Dr Bill Baird said: "We are
pleased by the intense interest generated in the Middle East by our
monazite business model.
"The parties we met recognised the cost and time-saving attributes of
Medallion's fast-track monazite approach to entering the global
rare-earth marketplace, as well as the strategic industrial advantages
of locating a rare-earth supply centre within their jurisdictions."
Medallion said a rare earth processing facility in the Gulf States
offered benefits including proximity to the majority of the world's
monazite resources, access to world-class ports and industrial
infrastructure, and availability of low-cost chemicals, gas and power.
Medallion's rare earth production strategy exploits currently mined
monazite resources, which are a by-product of heavy-mineral-sands and
typically discarded during the processing flow.
Monazite is a rare earth phosphate mineral with a proven,
metallurgical extraction process which has successfully produced
commercial rare earth products for over 100 years.