July 11, 2011 / 11:51 AM / 8 years ago

UPDATE 1-Frontier Rare Earths in partner talks for SA mine

* Sees economic assessment of Zandkopsdrift project to complete by Q4

* Sees partnership soon (Follows alerts)

July 11 (Reuters) - Frontier Rare Earths Ltd said it would complete a preliminary economic assessment of its Zandkopsdrift project in South Africa in the fourth quarter and was in talks with potential partners for the mine.

The Toronto, Ontario-based miner said it expects discussions to lead to a partnership being agreed upon soon.

“The results of this study will confirm that Frontier has the potential to not only be one of the first new large scale producers of rare earths outside China after Molycorp and Lynas , but also become one of the world’s most economically viable,” it said in a statement.

In October 2010, Frontier reported an indicated resource estimate for the mine of 22.92 million tonnes containing 532,000 tonnes total rare earth oxides at an average grade of 2.32 percent.

Frontier shares closed at C$1.85 on Friday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Gopakumar Warrier)

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