October 18, 2010 / 11:11 AM / 9 years ago

Glencore agrees rare earth mine deal with US firm

LONDON, Oct 18 (Reuters) - 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)

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