US mining company comprises of an overall production strategy to utilise supplies of monazite in the Gulf
US-based mining company, Medallion Resources Ltd has announced plans for building a rare-earth minerals plant in the GCC region.
The firm’s decision was preceded by a series of extensive meetings and site visits to the region, followed by discussions since March over the potential business bid and joint-venture partners, in order to determine fitting industrial site to construct the facility.
Part of it’s plan comprises of an overall production strategy to utilise supplies of monazite available in the Gulf region, the company said. The facility location with be revealed once negotiations have concluded, it added.
“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,” said Dr Bill Bird, Medallion chairman and CEO.