WASHINGTON (Scrap Monster): Wings Enterprises, owners of Pea Ridge iron ore mine in Washington County and Glencore Ltd, a natural resources company have signed an agreement to turn the Pea Ridge mine as a source for rare earth elements.
China owns the monopoly in rare earth trade and almost all rare earth elements currently come from China.
Glencore will have exclusive marketing rights for the sales of all commodities and value-added products.
The start of the project depends on the completion of commercial and technical feasibility studies as well as availability of financing on competitive terms. Such studies could take up to eight months.
The Pea Ridge mine will begin producing rare earth elements and iron ore in 12 to 14 months, the companies said, with underground mine production slated to begin in 2012.
Jim Kennedy, the president of Wings Enterprises, bought the Pea Ridge mine in 2001. The mine was originally developed by Bethlehem Steel in the late 1950s.
Coutesy : Scrap Monster
