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Massive Rare Earth Deposit Found In Australia

Posted by timothy on 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."

17 of 149 comments (clear)

  1. Metallica Metals... by tywjohn · · Score: 2

    They'll need the extra money to pay off Lars Ulrich

  2. Nice, but one of the less useful rare earths by Animats · · Score: 4, Informative

    That's nice, but scandium has only a few minor uses. A find of high-quality neodymium or europium ore would be much more interesting.

    1. Re:Nice, but one of the less useful rare earths by Anonymous Coward · · Score: 2, Funny

      Of course they didn't find europium, it was in Australia!

    2. Re:Nice, but one of the less useful rare earths by AliasMarlowe · · Score: 3, Informative

      And Scandium is not really a rare earth. It's the first transition metal (3d valence orbitals) with atomic number 21. Rare earths don't begin until Lanthanum (4f valence orbitals) with atomic number 57.

      Scandium does have uses, but these have been small in part due to the limited availability of the metal. Is is questionable whether those uses will increase markedly in the near future, just because the supply of Scandium has increased.

      --
      Those who can make you believe absurdities can make you commit atrocities. - Voltaire
    3. Re:Nice, but one of the less useful rare earths by khallow · · Score: 4, Informative

      And Scandium is not really a rare earth. It's the first transition metal (3d valence orbitals) with atomic number 21. Rare earths don't begin until Lanthanum (4f valence orbitals) with atomic number 57.

      Geology and mining does things a little differently from chemistry. Apparently, Scandium is classified as a "rare earth" because it occurs in deposits with proper rare earths. Similarly, gold is often classified as a "platinum group metal" because it's a common associate of proper platinum group metals.

      Is is questionable whether those uses will increase markedly in the near future, just because the supply of Scandium has increased.

      Why? There are apparently a number of viable aluminum alloys that use scandium. Cheaper scandium makes these more competitive with similar alloys (apparently, titanium containing aluminum alloys).

  3. Trivial usage by Anonymous Coward · · 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.

    1. Re:Trivial usage by Anonymous Coward · · Score: 3, Funny

      For those wondering how he got the $25 million/year figure: $5,000/kg is $2267.96/lb, 5 metric tons is 11,023 lbs. $2267.96/lb * 11,023 lbs = $24,999,723.08 which happens to be very close to $25 million.

    2. Re:Trivial usage by Anonymous Coward · · Score: 2, Funny

      I assumed math was how he achieved that number...

    3. Re:Trivial usage by egladil · · Score: 2

      Actually, I think he just multiplied $5000/kg with 5000 kg (5t) to get (exactly) $25 million.

  4. Metallica Metals by brenddie · · Score: 2, Funny

    http://www.metallicaminerals.com.au/board_of_directors

    James Hetfield
    Lars Ulrich
    Kirk Hammett
    Robert Trujillo

    Let the suing being

    --
    The best test environment is production. - Me
    chrome://browser/content/browser.xul
  5. This just in... by Anonymous Coward · · Score: 5, Funny

    ...Message from White House...

    Australia found to harbor terrorists. Military action advised.

    1. Re:This just in... by mjwx · · Score: 2

      ...Message from White House...

      Australia found to harbor terrorists. Military action advised.

      Headline from 2012

      US Forces Fail to Stop Koala Drop Bear Insurgency in Australia.

      Fear the drop bear.

      P.S. it's harbour

      --
      Calling someone a "hater" only means you can not rationally rebut their argument.
    2. Re:This just in... by gmhowell · · Score: 2

      In Australia we speak British English (of course you know that because you actually read the wikipedia article you copy/pasted, didn't you).

      You do understand your quaint local customs will be of scant interest to a US occupying force that will view extraneous usage of the letter 'u' as a clear sign that you are an insurgent?

      --
      Jesus was all right but his disciples were thick and ordinary. -John Lennon
  6. How about by pkinetics · · Score: 3, Funny

    US invasion of Australia to commence in 3...2...1...

    1. Re:How about by smash · · Score: 2

      Not required. The aussie government will just lube up and bend over for the rogering they're about to receive via the "free trade" agreement or a revision thereof.

      --
      I run: Windows, OS X, Linux, FreeBSD. Just because you have a hammer, doesn't mean everything is a nail.
    2. Re:How about by savuporo · · Score: 2

      Except that there are companies like Molycorp just reopening old pits in US right now. Rare earths are not all that rare, actually.

      --
      http://validator.w3.org/check?uri=http%3A%2F%2Fwww.slashdot.org Errors found while checking this document as HTML5!
  7. Rare earths are not quite ... rare by giorgist · · Score: 4, Informative

    In fact they are quite common. One of te big problem with rare earths is that if you extract them, you generally find them in company with thorium. Now even though it is naturally there, one you took it out of the ground you are obligated to treat it as a radioactive waste. You are not aloud to mix it back into the ground at the same consistency you found it. The result is that one of the few places on earth you can get rare earths is ... China. Who by the way is storing the thorium, and is moving ahead into building Gen IV reactors.

    In fact there is a dude that is petitioning to be allowed to extract "rare" earth metal and be allowed to store the thorium. This one mine will be able to produce all the energy the US needs as a ... byproduct. Now that is handy

    http://energyfromthorium.com/2011/03/10/free-thorium/