Medallion - Focused on Rare Earth Exploration

Rare Earth Deposits & Mining / Rare Earth Exploration, Mining, Processing, & Uses

Date posted: 06/13/15

Medallion Resources Ltd. is a rare-earth exploration company that describes itself as challenging the current practice of rare-earth juniors, which are focused on tackling hard-rock occurrences with complex metallurgy, to achieve significant near-term, low-cost production. Instead of taking the traditional route to rare-earth mining, Medallion accesses the rare-earth phosphate mineral monazite, which is rich in rare earths, and readily available as a by-product from heavy-mineral-sand mining reserves in the Indian Ocean basin. Since 2011, Medallion has been working to develop a rare-earth processing facility in the industrial city of Duqm, Oman in line with its monazite strategy. In June of 2013, Medallion announced the signing of a Memorandum of Understanding with Takamul Investment Company, a subsidiary of government-owned Oman Oil Company, and one month later, Medallion announced the signing of a Memorandum of Understanding with a Jordan-based investment firm, Arab Mining Company. These MOUs move the Company significantly closer to the development of a large-scale, rare-earth processing facility. A financial and technical study of the viability of a Duqm-based facility has begun and is being conducted by a leading, third-party engineering firm under the terms of the MOU with Takamul. The Arab Mining Company MOU provides the exclusive right, for a period of 6 months, to negotiate terms to invest or participate in a joint venture, controlled and majority-owned by Medallion, which will focus on rare-earth production and processing opportunities within the Arab League nations, including a proposed rare-earth processing facility in Duqm, Sultanate of Oman. There are additional details in this post.