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.
Showing posts with label Polymet Mining. Show all posts
Showing posts with label Polymet Mining. Show all posts
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