Medallion Resources Ltd. (TSXV:MDL,OTCQX:MLLOF) announced updates on recent developments. The Company continues to negotiate financing and investment terms with interested sovereign-related parties who want to locate the facility at a suitable industrial site within their jurisdictions. Constructive dialogue is also ongoing with heavy-mineral-sands producers that have sufficient monazite resources to supply Medallion’s targeted initial rare-earth-oxide production of 10,000 tonnes per annum. These discussions have advanced beyond the supply of monazite to include potential partnerships, or some other form of participation, in the processing of the monazite.
As quoted in the press release:
“While we’re very pleased with the strong interest from various parties, we’re disappointed that this step has taken longer than expected; however, we remain confident that an agreement can soon be achieved,” said Dr Bill Bird, Medallion Chairman and CEO. “In the rare-earth business, developing a sound economic approach to production is difficult and time consuming. Those that are attempting to advance complex projects using untried technology, and the investing interests that follow them, are coming to realize just how difficult and time-consuming this can be. We, at Medallion, are convinced that our monazite-processing strategy, which relies upon commercially-proven technology to process readily available high-grade monazite, is the ultimate solution to the non-Chinese world’s need for low-cost, low-risk supplies of rare-earth products.”