Medallion Resources Ltd (TSXV:MDL,OTCQX:MLLOF,FWB:MRD) signed a memorandum of understanding (MOU) with Arab Mining Company, a Jordan-based, Pan-Arab mining-industry investment firm. The MOU provides Medallion and Arab Mining with a proposed joint-venture framework to develop and finance rare-earth opportunities. These potential opportunities include building separation facilities to produce individual rare-earth oxides from concentrates, exploring and developing heavy-mineral-sands resources, examining by-product processing potential from phosphate and uranium production, and exploring prospective rare-earth mineral properties.
As quoted in the press release:
The MOU grants Arab Mining, for a period of six months, the exclusive right 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.
The non-binding MOU provides Medallion and Arab Mining with a proposed joint-venture framework for evaluating secondary, rare-earth opportunities within the Arab League region. These potential opportunities include building separation facilities to produce individual rare-earth oxides from concentrates; exploring and developing heavy-mineral-sands resources; examining by-product processing potential from phosphate and uranium production; and exploring prospective rare-earth mineral properties.
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