Medallion Resources Ltd (CVE:MDL) (OTCQB:MLLOF) (FRA:MRDN) said it has hired UK-based company Minviro Ltd to carry out a life cycle assessment (LCA) on its proprietary monazite extraction process to assess how environmentally-friendly it is.
Medallion aims to produce rare earth elements (REE) by exploiting monazite, which is widely available as a by-product from mining mineral sands. The process is already the subject of an ongoing techno-economic assessment (TEA), the results of which are expected in the first quarter this year.
READ: Medallion Resources shares surge as it notes recent rare earth price rise
Many industrial customers in the low-carbon space, such as electric vehicle (EV) manufacturers aim to make the most sustainable purchasing decisions for REEs and battery materials, and the data-driven approach of an LCA with ISO-compliance provides them the highest degree of transparency and customer confidence, noted Medallion.
"REE production has a legacy of social and environmental impacts," said Dr Robert Pell, the founder and director of Minviro, in a statement on Tuesday.
"As REE demand grows in line with renewable energy and EV uptake, it is important that steps are taken to measure and mitigate the environmental impact of producing these essential elements. Delivery of an LCA is a central part of this process for the battery and EV industries as it provides customers with the necessary data to measure their impact, compare process or supplier scenarios and optimize the environmental performance of projects."
Notably, the Medallion process does not need mining to produce the rare earths and uses a high-grade by-product that typically goes to waste (monazite) and a design practice that maximizes energy and reagent re-use and produces zero liquid waste output.
The climate change and other environmental impact benefits of the process will be quantified by the LCA.
Medallion's CEO Mark Saxon added: "Seeking the most efficient use of raw materials, energy and reagents is the fundamental basis of our engineering efforts and stands
"Medallion Monazite Process apart from peers. Our ability to utilize the best technology at optimal sites provides an attractive opportunity to maximize profitability and minimize environmental impact. We are incorporating this thinking into all of our supply chain conversations and partnerships."
Shares added 8.7% in Toronto to stand at C$0.31 each.
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