Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Medallion Resources Expects To Build Rare Earth Processing Facility In Middle East

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.