Proactive Investors reported that Medallion Resources shares with volume exceeding their 50 days average.The company is preparing to announce the exact location of its proposed monazite based rare earth processing facility in the Middle East.
Mr Don Lay president of Medallion Resources said that"We are working with a number of sovereign related parties in the Gulf states to situate a rare earth processing plant."He said that discussions have been had in a number of states already including Saudi Arabia,United Arab Emirates,Qatar,Bahrain and Oman.We picked this region because it is quite close to 80%of the world's monazite resources and these jurisdictions have access to power chemicals and labour.There is good infrastructure.
Early last month the company produced preliminary technical plans for the proposed processing facility,including flow sheets and initial capital and operating financial models.
The plans based on anticipated rare earth oxide production of 10,000 tonnes per year includes modules for monazite feedstock upgrading total rare earth extraction from monazite and separation of individual light and heavy rare earth oxides.
Mr Lay said that"These states in the Middle East are all looking for industry in a post petroleum world.The oil and gas will not last forever and they need new industries in which to get involved.The monazite based rare earth processing facility is a terrific hedge in a post petroleum world"
