Molycorp (NYSE: MCP), China Shen Zhou Mining & Resources, Inc. (AMEX:SHZ), Rare Element (AMEX:REE), Avalon Rare Metals (AMEX:AVL) and Polymet Mining Corp (AMEX:PLM) could face share pressure on news of the massive discovery of rare element properties in the Pacific Ocean by Japan.
Japanese scientists assert there are "vast deposits" of rare earth minerals at 78 locations in the Pacific. They also claim the deposits are readily extractable.
Yasuhiro Kato, an associate professor of earth science at the University of Tokyo, said, "The deposits have a heavy concentration of rare earths. Just one square kilometre (0.4 square mile) of deposits will be able to provide one-fifth of the current global annual consumption,"
Kato noted the discoveries were rich in heavier rare earths like dysprosium, gadolinium, lutetium and terbium. Total rare earths discovered were estimated at 80 to 100 billion tons, according to the online version of British journal Nature Geoscience, which reported the story.
Unless I am mistaken, PLM"s mine is not Rare Element
ReplyDeleteThey never mentioned how they will pump large amounts earth that is 4 miles deep at the bottom of the ocean. The technology is not there. Economically it is not viable, and this kind of procedure is bound to create new environmental problems.
ReplyDeleteCheck out Nautilus Minerals, They will be mining the sea floor shortly and they have the technology.
ReplyDeleteyeah im sure that the japanese government is ready to make the decision that could possible cause more earthquakes..
ReplyDeleteJapanese posturing. They have the most to lose from the Chinese REE export reductions. It has been known for many years that there exists a wealth of minerals at the bottom of the ocean. Bringing it up to the surface and processing it is the true beef of the story.
ReplyDelete