The Peterson Group is following Medallion Resources Ltd.
The Peterson Group – Jakarta, Indonesia
The Peterson Group is following Medallion Resources Ltd. (TSXV: MDL | OTCQX: MLLOF), a company with a different approach to REE (rare earth elements) production. Medallion is focused on processing monazite a commonly available byproduct of several mining and mineral-sands sources. Monazite is a rare earth phosphate mineral rich in REE. Medallion exploits the large supplies of monazite byproduct that arise from heavy mineral-sands mines.
Last June, the company signed a memorandum of understanding with the Takamul Investment Company, a subsidiary of the Oman Oil Company. to conduct studies investigating the viability of constructing and operating a monazite-based, rare-earth extraction facility in the Omani industrial city of Duqm. The company announced in July, 2013 that it signed a memorandum of understanding with Arab Mining Company. The Arab mining company is a Jordan-based, Pan-Arab mining-industry investment firm jointly owned by 11 governments and 4 government corporations of the Arab League nations. The MoU gives Arab Mining the exclusive right to negotiate terms to invest or participate in a joint venture, controlled and majority-owned by Medallion focusing on rare earth production and processing opportunities within the Arab League nations.
Rethinking Rare Earth
According to Medallion, [the Company is] “rethinking rare earths. Led by Dr Bill Bird and supported by an experienced technical team, the Company focuses on low-cost, near-term, rare-earth production opportunities using the rare-earth mineral monazite, which is available as a by-product from existing mining and mineral-sands sources principally in the Indian Ocean basin. Medallion is committed to following best practices and accepted international standards in all aspects of mining, mineral processing and the safe management of waste materials. More about Medallion can be found at medallionresources.com.”