Glencore agrees rare earth mine deal with US firm

LONDON, Oct 18 (BestGrowthStock) – Trading and mining giant Glencore
International [GLEN.UL] has entered into agreement with
Missouri-based Wings Enterprises for the joint development of a
rare earth and iron ore mine, the U.S. firm said on Monday.

The project for the Pea Ridge mine in Washington County,
Missouri, will include construction of a port facility on the
Mississippi River, Wings Enterprises said in a statement.

Swiss-based Glencore confirmed the statement.

The Wings statement said the start of the project was
subject to completion of commercial and technical feasibility
studies as well as availability of financing on competitive
terms.

“These studies are due to re-commence in 60 days and are
estimated to take up to eight months to complete,” it added.

The Pea Ridge deposit has more than 150 million tonnes of
high grade magnetite iron ore reserves.

Rare earth metals have become important in recent years as
they are used in new technologies such as electric cars.

Glencore will have exclusive marketing rights for the sales
of all commodities, the statement said.
(Reporting by Michael Taylor; editing by James Jukwey)

Glencore agrees rare earth mine deal with US firm