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Massive Rare Earth Deposit Found In Australia

Posted by timothy on Sunday October 9, 2011 @04:58PM from the street-value-of-this-continent dept.

An anonymous reader writes "A north Queensland mining company has discovered one of the world's largest deposits of the rare earth, scandium, used in fuel cells."

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Trivial usage by Anonymous Coward · 2011-10-09 17:22 · Score: 3, Insightful

Going by the linked ABC article - and the fact the only thing the company has announced was it's annual report today (which isn't really news as the projects/mines would already have been known).
Scandium sells for $5,000/kg. According to the annual report, there is only current use of 5t a year (I assume worldwide). So that's only $25 million a year worth of output. That's pocket change for a mine.