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Pele Mountain Resources (TSXV:GEM,OTCQX:GOLDF) reported Tuesday that it will begin recycling high-grade rare earth bearing monazite at Elliot Lake. The company noted that commercial processing of monazite has previously been achieved by several companies, and was at one time a primary source of rare earths.
Pele Mountain Resources (TSXV:GEM,OTCQX:GOLDF) reported Tuesday that it will begin recycling high-grade rare earth bearing monazite at Elliot Lake. The company noted that commercial processing of monazite has previously been achieved by several companies, and was at one time a primary source of rare earths.
As quoted in the press release:
The expansion of Pele’s business model is designed to achieve relatively low cost, early-to-market critical rare earth production in Elliot Lake, Ontario, the same location as Pele’s Eco Ridge Mine Rare Earth and Uranium Project (“Eco Ridge”). The monazite will be sourced from mineral sands mine tailings in countries that embrace sustainable mining practices and are allied trading partners with Canada.
Pele Mountain president and CEO, Al Shefsky, said:
We appreciate the enthusiastic local support for Eco Ridge and the previous public expression of support from the Mayor and Council of the City of Elliot Lake. For years the Mayor has suggested that we consider recycling mine tailings as a sustainable approach to re-establish rare earth production, to create jobs and economic development in the community. Given prevailing market conditions, the expansion of our model to include recycling monazite is a natural evolution of that idea.
Click here to read the Pele Mountain Resources (TSXV:GEM,OTCQX:GOLDF) press release