The director of the company, Vitali Nesis, reported Through a statement that the operating company of the project, ThreeArc Mining, evaluated the amount of rare earths and niobium – a metal that is used in alloys, mainly in steels – in Tomtor and concluded that it is one of the “key deposits Of its kind.
This deposit in Siberia is the third largest of its kind in the world, the mining company has assured Polymetal, competitor minority of the project.
The ThreeArc company is starting a feasibility study of the project, which involves the construction of a factory with an annual production capacity of 160,000 tons, scheduled to start in 2025.
This type of mineral such as niobium is used in alloys, mainly in steel, to which it is added in small percentages to achieve greater hardness.
Other applications include the nuclear industry, electronics, optics, and jewelry.
With the great demand for electrical components this type of rare earths are highly sought after as they represent a vital source to continue producing these elements
This group of 17 chemical elements are essential for a wide range of industries, from consumer electronics and electric cars to the manufacture of military components. China is today the dominant player in this sector which is also called industrial gold and is very difficult to extract and process.
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