Medallion Resources (MDL.V) has engaged Stantec to evaluate sites in the USA that could serve as home base for Medallion’s plans to build a plant to recover the Rare Earth Elements from monazite, a waste product generated by heavy mineral sands mines.
The company’s decision to focus on the USA perhaps shouldn’t come as a surprise as the country realizes it is depending on other nations to secure a sufficient supply of for instance neodymium and praseodymium, two important elements in magnets. As the US car vehicle industry as well as the Department of Defense have been looking to secure a supply of REEs outside of the traditional Chinese circuit, Medallion Resources will undoubtedly be looking to secure monetary incentives that might be available to boost the production of REEs (and then predominantly neodymium and praseodymium) in the States.
CEO Don Lay also provided more explanation on this update in an interview with Proactive Investors, which you can watch here.
Disclosure: The author has a long position in Medallion Resources. Medallion is a sponsor of the website.