Wings International has signed an agreement with Glencore International for the joint development of its Pea Ridge iron and rare earth mine in Missouri, US.

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

Under the agreement, Glencore will have exclusive marketing rights for the sales of all commodities from the mine, reports Reuters.

Wings said the launch of the project is subject to availability of financing and completion of commercial and technical feasibility studies, which will begin in 60 days, and are expected to be complete in eight months.