Business
Medallion Resources Forms US-focused REE Supply Chain Consortium
VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Compan
About this update from Gamma Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”, is pleased to announce its participation within a newly formed technical and financial consortium aimed at accelerating the development of a comprehensive rare-earth element (“REE”) supply chain within the United States. The consortium comprises financial and industry partners including leading financial advisory firm Amvest Capital Inc., a current Medallion investor. The consortium is in discussions with other potential partners, including several technology providers and international commodity trading houses, with the shared goal of delivering near-term REE magnet metal production. The consortium plans to seek, where appropriate, public sector funding from a range of supportive US agencies. “The US is acting decisively to reduce the nation’s vulnerability to disruptions in the supply of materials that are essential for defense and energy,” said Mark Saxon, Medallion President & CEO. “We feel the consortium being assembled that includes committed financial backers and raw material trading partners is ideally suited to start building a substantial value chain.” Amvest Capital Inc. is a New York-based investment management and corporate finance firm focused on natural resources. Amvest is active in the REE investment area as principals, agents, and advisors. The consortium will be greatly strengthened by the inclusion of financial and commodity trading partners that bring the capacity to co-fund research, and to provide access to raw materials, and manage customer, infrastructure, and transport requirements. Medallion’s contribution to the consortium is as a core technology partner. Medallion has developed a proprietary REE extraction process that can play an important role in contributing to the development of an emerging North American REE value chain. Medallion’s unique technology-led business model can deliver the most critical magnet REEs quickly and cost-effectively. The Medallion business strategy is focused on extraction of REEs from the mineral monazite. Monazite is used today as a source of commercial REEs in both China and India, where it is considered an attractive feedstock due to its high REE content (up to 65% REE by weight) and the rel...