Medallion Commences Techno-Economic Assessment of Proprietary Rare-Earth Element Extraction Process
VANCOUVER, British Columbia, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to announce the engagement of Simulus Engineers, an independent Australian engineering consultancy firm, to complete a techno-economic assessment of the Medallion Monazite Process. This proprietary process sustainably extracts rare-earth elements (REE) from mineral sand monazite, which is a widely available and REE-rich by-product from mineral sand mining operations within the US and globally.
The techno-economic assessment (TEA) will aggregate results from extensive laboratory test work, process simulation and trade-off studies completed by Medallion over the past 5 years. The TEA will deliver commercial capital and operating cost estimates for an extraction facility that processes 7,000 tonnes per year of monazite feedstock and delivers approximately 2,300 tonnes of cerium-depleted high-value REE products plus additional phosphate co-product. Completion of the TEA is expected in the first quarter of 2021.
The Medallion Monazite Process was developed utilizing “best available technology” (BAT) principles and is consequently a highly optimized and automated design that is transferable in location and scalable in size as REE demand grows. The process reflects the current and future expectations of REE customers in the rapidly growing electric vehicle and wind energy markets by providing the lowest impact, most sustainable and resource efficient primary raw material sourcing available.
The Medallion Monazite Process utilizes by-product materials that presently pass to waste in the mineral sand industry, or to Chinese customers, and therefore additional mining is not required. It produces zero liquid waste, has a very high degree of energy and chemical reuse and regeneration, and will convert greater than 95% of monazite feed to saleable REE and phosphate products.
“Medallion has been building towards this critical step over numerous years and has developed a disruptive and innovative process,” said Mark Saxon President & CEO. “Simulus is an ideal choice for this independent assessment of the Medallion Monazite Process as they delivered our comprehensive chemical process model and have a good breadth of rare-earth element expertise. We look forward to sharing study outcomes as they arise.”
The Company’s recent siting trade-off study as announced October 14, 2020 independently compared U.S. and Canadian locations based on a series of commercial and practical factors impacting performance and profitability of the proposed plant. The U.S. Gulf Coast was highlighted as a very positive operating environment for the first Medallion Monazite Process facility.
In addition, Medallion is presently undertaking an independent assessment of emerging and embedded technologies for REE separation with a view to selecting a permanent partner. Approximately 20 prospective technology providers have been identified within four technology clusters. The highest potential technology cluster has been determined by the assessment team using technology readiness, estimated process cost and sustainability filters. Engagement has begun with prospective REE separation providers within this cluster to assess business opportunities.
Medallion is working closely with trading and logistics partner Talaxis Ltd along with their permitting and transport networks to ensure commercial volumes of mineral sand monazite are available to meet with Medallion’s execution timeline.
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