One man’s loss is another’s gain. This saying is particularly true for America, as a major “mine discovery” has been made worth $8,400,000,000. This discovery will change the approach to obtaining certain elements forever, and could significantly challenge the dominant positions of Russia and China. This discovery will be a major double-win for the United States.
A major mining discovery in the US will smash Russia and China
The world is gradually transitioning to a zero-carbon society, and its reliance on rare earth elements is rapidly increasing. According to a report by the U.S. Geological Survey, while these 17 critical elements may be in abundance, they are most certainly not concentrated. They are especially crucial in the modern world, as they are key parts in batteries, solar panels, magnets, and other modern energy technologies.
Presently, the US primarily obtains its rare earth supply from imports, which has many concerned regarding global supply chain complexities and geopolitical tensions. These concerns could soon be a thing of the past, as researchers from the University of Texas, Austin, have made a major discovery. While it may be good news for the US, the same cannot be said for countries such as China and Russia.
According to DW.com, China has approximately 44 million tonnes of rare earth deposits, and almost 75% of the US’s rare earth element imports come from China. This major supply is China’s not-so-secret geopolitical weapon, which has helped the country hold global industries and numerous nations in its grip. According to reports by Mining Technology, Russia has been discussing deals with the US concerning its 3.8 million tonnes of rare earth deposits. China’s position could soon fall, and the Russian-US deal could be over before it even started, all due to this “mining discovery” in the US.
From ashes to elements, leaving Russia and China in the dust
The research team discovered that the US can potentially boost its rare earth element reserves without additional mining (like blowing up the ocean) or imports. How, you may ask? According to their research, published in the International Journal of Coal Science & Technology, coal ash contains plenty of rare earth elements. What’s more, the US has gathered a tremendous amount of this powdery residue after burning coal for fuel for decades.
“This really exemplifies the ‘trash to treasure’ mantra. We’re basically trying to close the cycle and use waste and recover resources in the waste, while at the same time reducing environmental impacts.” – Co-lead author Bridget Scanlon, a research professor at UT’s Bureau of Economic Geology at the Jackson School of Geosciences
Their research’s results indicated that the coal ash in the US could comprise nearly 11 million tonnes of rare earth elements, which is worth nearly $8,400,000,000. This amount is almost 6 times more than the US’s current domestic reserves.
The US could say goodbye to traditional mine operations
According to the researchers, nearly 70% of the past four decades’ produced coal ash is recoverable, with most stored in ponds, landfills, and off-site storage locations. Not only is this discovery beneficial for the US in an economic sense, but it also changes how industrial byproducts can be perceived and used. Traditional mining operations could soon be replaced by more eco-friendly and sustainable approaches.
According to co-author Davin Bagdonas, a research scientist at the University of Wyoming, coal ash is an attractive resource due to its being readily available, even though it contains low levels of these elements. The US Department of Energy will reportedly conduct a national assessment of coal ash reserves following this study.
This approach is currently still in the research stage, but it will undoubtedly revolutionize the US’s mineral sourcing methods and result in new sustainable industrial industries. The US could be one step closer to zero carbon.
Disclaimer: Our coverage of events affecting companies is purely informative and descriptive. Under no circumstances does it seek to promote an opinion or create a trend, nor can it be taken as investment advice or a recommendation of any kind.
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