Treasure island: Rare metals discovery on remote Pacific atoll is worth billions of dollars
Excerpt: "The research area was estimated to be able to supply Y, Eu, Tb, and Dy for 780, 620, 420, and 730 years, respectively, and has the potential to supply these metals on a semi-infinite basis to the world," the report adds. The metals are expensive, making the find extremely valuable, with some estimates putting the value of the island's rare earth oxide alone at approximately $500 billion. Yttrium is currently worth $3,400 per pound, Europium costs $20,000 per 100 grams and Terbium sells for $1,800 per 100 grams. Dysprosium, the cheapest of the rare-earth elements discovered, only costs $450 per 100 grams. The sample size was estimated to contain 1.2 million tons of "rare-earth oxide." The study was conducted jointly by researchers with Waseda University Yutaro Takaya, and Yasuhiro Kato of the University of Tokyo and others. In an interview with The Wall Street Journal, Technology Metals Research LLC founding principal Jack Lifton said, "this is a game-changer for Japan," adding, "The race to develop these resources is well under way." (This is like comparing a local jewelry store (China) with Fort Knox (this island). No doubt it will take a while–perhaps a few years to build refineries and such–before these materials begin to impact markets in Japan, here, and elsewhere, but the mere fact of its existence has to impact pricing world-wide. These rare-earths are used in almost every battery, camera, cell phone, and computer (wherever located), and are major contributors to their costs. Long before this hoard is exhausted, we’ll have gone to space, found and retrieved whole asteroids full of this stuff. I could’ve sworn I sent this to you in April 2018, but I can’t find any record of it in my files. Better late than never, I guess. Ron P.)
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