With the discovery of rare earth metal in the land of richest mining territory, Australia seems to be the world’s second major player in the supply chain of electric vehicle following China.
Electric Vehicle is not just the lithium story!
Yes, there is another component that derives the making of electric vehicles. It is called Dysprosium, a rare earth metal symbolized by ‘Dy’. It is an essential component required for the production of dysprosium neodymium ironboron (DyNdFeB) magnets that is highly useful for clean energy and high technology solutions. Dysprosium’s special feature is to increase the magnetism of magnet and keep it retained even at high temperature.
Where does this rare earth mineral lies in Australia?
Researchers have identified the traces of Dysprosium in northern Western Australia within the rare earths project, Browns Range. This project is wholly owned by ASX listed exploration company Northern Minerals Limited (ASX: NTU).
Browns Range is in the center of Brown Range Dome, in the region of Tanami in northern Western Australia. It cover more than 3500 km2 mining lease area within both Western Australia (WA) and the Northern Territory (NT).
Northern Minerals aims to become the first significant world producer of dysprosium outside of China. It seems the company has come quite close to its ambition as its recent samples from Browns Range has indicated the Australia’s significant potential of containing Dysprosium and other Heavy Rare Earth across the Brown Range Dome. High-grade Heavy Rare Earth discoveries are not found in nature as free element rather they are hosted in xenotime mineralization.
Northern Minerals underway pilot plant development to ensure production capacity and assess the technical and economic viability of the project. If the production of Dysprosium goes through, Northern Mineral will be the key supplier of rare metal required for the manufacturing of permanent magnets and making of electric vehicles and wind turbines.
In today’s announcement to Australian Securities Exchange, Northern Minerals announced the result of strategic review which has identified substantial potential value at Dazzler and Iceman prospects at the Browns Range Project.
Commenting on the new Exploration Targets, Managing Director and CEO, George Bauk, “Dazzler and Iceman deposits are both high-priority targets due to the very high grades and proximity to the Browns Range processing facility.” He added that company aims to convert these deposits up to Mineral Resources in early 2019 as an inexpensive way of materially adding value to the project.
The company has further placed its exploration guidance for both Dazzler and Iceman prospects. For the Dazzler prospect an Exploration Target of 80,000t to 140,000t at a grade range of 2 - 4% TREO for a total of 1,600,000kg to 5,600,000kg contained TREO, has been estimated. At the Iceman prospect an Exploration Target of 15,000t to 30,000t at a grade range of 2 - 4% TREO for a total of 300,000kg to 1,200,000kg contained TREO, has been estimated.
In today’s trading session, Northern Minerals shares plunged 2.703% to last trade at $0.072 on 3 December 2018.
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