Vast deposits of rare earth minerals, crucial in making high-tech electronics products, have been found on the floor of the Pacific Ocean and can be readily extracted, Japanese scientists said on Monday.Maybe rare earth minerals not so rare after all.
A spokesman estimated rare earths contained in the deposits amounted to 80 to 100 billion metric tons, compared to global reserves currently confirmed by the U.S. Geological Survey of just 110 million tonnes that have been found mainly in China, Russia and other former Soviet countries, and the United States.
A chronic shortage of rare earths, vital for making a range of high-technology electronics, magnets and batteries, has encouraged mining projects for them in recent years. China, which accounts for 97 percent of global rare earth supplies, has been tightening trade in the strategic metals, sparking an explosion in prices.
Monday, July 4, 2011
Maybe Not So Rare -- Huge, Readily Reachable Rare Earth Mineral Reserves Discovered in the Pacific Ocean -- Not a Bakken Story
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Why does it say "All Bakken All The TIme" at the top?
ReplyDeleteSomeone asked me that once before. It's been explained a couple of times.
ReplyDelete1. When I blog, most new posts will be Bakken-related. There is always a Bakken post daily (unless I don't post at all that day due to traveling).
2. The daily stand-alone posts are least important to me. The important posts are the Bakken data links on the right.
Currently I have, as an example, which no one else has, and which you can check into "all the time":
Updates on 55 oil fields in the Bakken and more coming;
Summary of the NDIC hearing dockets (monthly);
Daily updates and links on EVERY Bakken well that comes off the confidential list;
Monster wells in the Bakken;
Bakken FAQs -- perhaps one of the best you will find.
The site really has quite an incredible encyclopedia of Bakken activity and it is there "all the time" and I couldn't do it without my staff of hundreds.
3. I suppose I could subtitle it "Mostly Bakken Most of the Time" and maybe someday I will.
4. I try to label my headings that are not related to the Bakken but sometimes it is pretty obvious that it is not Bakken-related.
5. Oh, I didn't answer the real question: why do I have non-related Bakken posts at all. I find that even I get bored just blogging about the Bakken (interestingly enough, I get more comments on non-Bakken posts than Bakken posts which tells me the non-Bakken posts are of interest to some).
In addition, the Bakken is best understood by viewing it in relation to other energy (and, in some cases, non-energy) issues worldwide. For example, blogging occasionally about the Niobrara and the Eagle Ford really help me put the Bakken in perspective.
Thank you for stopping by. Let me know if there's a Bakken website out that that I haven't seen. I like to think I've found them all, but I could be surprised.
i think this is a huge story, as many rare earth minerals are used in conjuction with battery/electric powered cars..
ReplyDeleteif this idea of electric cars is ever going to move forward and get off the limited production that is going on now, it will in my opinion require 2 things.
1. A better longer lasting stronger battery.
2. a lower cost, so more consumers will purchase them..
I agree; again, thank you for your support. It is a huge story; it will be interesting to see when the Wall Street Journal picks up this story.
ReplyDeleteThis is a huge find, but I have a feeling global environmentalist will try to put a stop to it before it even gets started.
ReplyDelete-Environmentalist thinking
We know that things live on the bottom of the ocean. Therefor, it is not a mineable resource.
I recently read an article regarding CO2 injection which stressed that we needed to be careful of injecting CO2 into the ground because we didn't know what kind of damage it would cause to the bacteria and virii that lived there(deep reservoirs).
----? Seriously...
When I went to school were were taught that all life on this planet was dependent on the sun for survival, but it now seems likely that up to half of earths biomass could be underground. Ironically, the only reason we have this knowledge is because oil and gas researches started trying to figure out if they were useful or detrimental to oil production.
The point of my rant is that people want to protect things they don't understand, but the only way we will gain more knowledge is if there is some economic reason for looking into a particular subject.
If they do mine the bottom of the oceans all kinds of new discoveries will likely be made because people will be looking at mud from the bottom of the ocean on a scale never conceived by today's science.
I'm looking forward to cheap Lithium Ion Batteries.
Thank you for your support and taking the time to comment.
ReplyDeleteI agree with you 100%. I think folks would be amazed how much "Big Oil" has contributed to our understanding of geology, biology, etc.. Sometimes I think in these areas, some great thinkers led the way, "Big Oil" confirmed with their research, and university research is simply nibbling on the margins. And I'm a huge supporter of the university system in this country. I just think folks underestimate what corporate America does for Americans.
Thank you for your interest and information about the oil acivity in North Dakota. I own mineral acres in Bottineau County and I read your blog every day and I appreicate all the news and key developments you provide. Iam following the exploration of the Spearfish formation and enjoy all of your updates. Thank You!
ReplyDeleteThank you for your kind words. I hope you are enjoying the Fourth of July.
ReplyDeleteGood luck with your mineral acres in Bottineau County; it looks like activity may be picking up in that area.