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<ul><li>The world's largest deposit of lithium may have been found inside an ancient US supervolcano.</li><li>That's according to a study conducted by Lithium Americas, which hypothesizes that the McDermitt Caldera contains 20 to 40 million metric tons of lithium.</li><li>Lithium Americas stock surged more than 7% on Monday after the study was published.</li></ul>The world's largest deposit of lithium may have just been discovered inside an ancient US supervolcano that was formed about 16 million years ago, according to <a href="https://www.science.org/doi/10.1126/sciadv.adh8183" target="_blank" rel="noopener">a recent study.</a>The potential discovery centers around the McDermitt Caldera on the border of Nevada and Oregon. The new study suggests that there could be 20 million to 40 million metric tons of lithium in a bed of clay that is found throughout the inactive volcano. <a href="https://markets.businessinsider.com/stocks/lac-stock">Lithium Americas</a> saw its stock price surge 7% on Monday after the study was published, and the stock jumped an additional 4% on Tuesday. The company operates the Thacker Pass lithium mine within the southern end of the McDermitt Caldera.The study was funded by Lithium Americas, and even if the McDermitt Caldera does contain the world's largest deposit of lithium, it's still unclear if it would be economically feasible to extract the lithium, which is the main ingredient used in batteries for everything from smartphones to electric vehicles.Lithium Americas expects to being mining lithium out of its Thacker Pass mine in 2026, and if the mine proves successful and the deposit is as big as the company believes it could be, it could have massive implications for one of the hottest commodities in the world, as it would help the US become independent in its ongoing hunt for lithium.Prior to this potential discovery, the largest lithium deposit was thought to be underneath a salt flat in Bolivia.

The world's largest deposit of lithium may have been discovered inside a US supervolcano, helping to boost a mining company's stock price

Here’s how India can transform its developmental trajectory with the Lithium deposit

<ul class="summary-list"><li>Scientists measured significant levels of lithium trapped in clay deposits in an extinct US volcano.</li><li>The US mostly relies on lithium imports, which it uses for rechargeable batteries in electric cars. </li></ul>The name McDermitt Caldera is probably unfamiliar. It belongs to an extinct volcano that last erupted approximately 16 million years ago. But for lithium hunters, it's the biggest gold mine find of the century.In 2020, scientists published a shocking discovery that the caldera contains what could be the <a href="https://www.mdpi.com/2075-163X/10/1/68">largest amount</a> of lithium in the world, locked up in an unusual type of clay called illite.Recent research has gone one step further. In August, researchers reported that the illite in the southern portion of McDermitt Caldera, called Thacker Pass, contains about <a href="https://www.science.org/doi/10.1126/sciadv.adh8183">1.8% lithium</a>, on average.That's almost double the lithium present in magnesium smectite, the main type of clay mined for lithium, today, <a href="https://www.chemistryworld.com/news/lithium-discovery-in-us-volcano-could-be-biggest-deposit-ever-found/4018032.article">Chemistry World</a> reported.This means a couple of things: McDermitt Caldera, located along the Nevada-Oregon border, could contain over 132 million tons of lithium — enough to meet global demand for decades, <a href="https://jalopnik.com/a-volcano-in-the-u-s-could-contain-the-biggest-lithium-1850825799?utm_source=flipboard&amp;utm_content=topic%2Fscience" target="_blank" rel="noopener">Jalopnik</a> reported. It also means the US, which only has one active lithium mine, may no longer have to rely on other countries for much of its lithium.The US has an estimated 8 million metric tons of lithium embedded in its soil, ranking it in the top five countries worldwide with the most reserves, yet the country makes up just 1% of global lithium production, according to <a href="https://mineralsmakelife.org/blog/lithium-electrifying-america/">Minerals Make Life</a>.And demand for lithium is only expected to soar since it's a key ingredient for <a href="https://www.businessinsider.com/lithium-mining-electric-vehicles-climate-crisis-2023-5">rechargeable batteries used in electric vehicles</a>.The country needs more lithium to keep up with supply chains for electric vehicles. And McDermitt Caldera could be that resource."It could change the dynamics of lithium globally, in terms of price, security of supply, and geopolitics," Anouk Borst, a geologist at KU Leuven University and the Royal Museum for Central Africa in Tervuren, Belgium, told Chemistry World.There's just one thing: local Indigenous communities say Thacker Pass is sacred land where they harvest traditional medicines, foods, and supplies for sacred ceremonies, <a href="https://www.theguardian.com/us-news/2021/dec/02/thacker-pass-lithium-mine-fight-save-sacred-land-nevada">The Guardian</a> reported."There's burial sites there. There's medicines and roots there, there's ecosystems – there is still life back there," Gary McKinney of the Shoshone-Paiute Indigenous tribe local to Thacker Pass, told <a href="https://www.aljazeera.com/news/2023/3/15/nevada-lithium-mine-breaks-ground-despite-indigenous-opposition" target="_blank" rel="noopener">Al Jazeera</a>. "And it's all being sacrificed supposedly to fix the climate crisis."McKinney is part of the Indigenous group called <a href="https://peopleofredmountain.com/about-us/" target="_blank" rel="noopener">People of Red Mountain</a> that has opposed lithium mining at Thacker Pass.But a federal court denied opponent's requests for an injunction, and in March the company Lithium Americas said workers had started drilling and building infrastructure at the site, Al Jazeera reported."The world needs to know that this lithium mining, and this fast-tracking of lithium mining, is a continuation of racism on Paiute and Shoshone people," McKinney told NPR.<a href="https://www.businessinsider.com/true-cost-of-the-lithium-mining-boom-powering-electric-cars-2023-7">Lithium extraction methods</a> can lead to water pollution, land degradation, and potential groundwater contamination, per <a href="https://earth.org/lithium-and-cobalt-mining/">Earth.org</a>. An estimated 79% of lithium reserves in the US are within 35 miles of Native American reservations, according to the <a href="https://www.msci.com/www/blog-posts/mining-energy-transition-metals/02531033947">MSCI Sustainability Institute</a>.

Scientists found a massive lithium deposit inside an ancient US volcano that could be a game-changer for American clean energy but spell disaster for Native Americans

<ul class="summary-list"><li>Norge Mining has discovered 77 billion tons of phosphate rock.</li><li>The company's founder said it could satisfy global demand for fertilizer and EVs for 50 years.</li></ul>Huge phosphate rock deposits discovered in Norway could satisfy global demand for fertilizers and electric vehicles for the next 50 years, the founder of the company set to mine them has said.Norge Mining, which reportedly found the massive site in southwestern Norway in 2018, announced in May that it had discovered 77 billion tons worth of the mineral, according to <a href="https://www.economist.com/europe/2023/06/08/a-huge-norwegian-phosphate-rock-find-is-a-boon-for-europe" target="_blank" rel="noopener">The Economist</a>."Down to 400 meters, we established two world-class resources, which together allow a supply of raw materials for at least 50 years," Norge Mining's founder and deputy CEO Michael Wurmser told <a href="https://www.euractiv.com/section/energy-environment/news/great-news-eu-hails-discovery-of-massive-phosphate-rock-deposit-in-norway/" target="_blank" rel="noopener">EURACTIV</a>.According to the <a href="https://www.ocpgroup.ma/what-is-phosphate#:~:text=Phosphate%20rock%20is%20processed%20to,to%20animal%20feed%20and%20electronics.">OCP Group</a>, a phosphate rock mining company, the rock is used to produce phosphorous, a key ingredient in fertilizers. It can also be processed to form phosphoric acid, which can then be used in a wide range of products, from animal feed to lithium-iron-phosphate batteries, which power solar energy systems and electric cars.Before Norge's discovery, other major phosphate producers included Morocco, China, the US, and Russia, per a report from the <a href="https://www.phosphorusplatform.eu/images/download/HCSS_17_12_12_Phosphate.pdf" target="_blank" rel="noopener">Hague Center for Strategic Studies</a>. But the market was massively disrupted by Russia's invasion of Ukraine in February 2022, with one knock-on effect being the soaring price of <a href="https://www.ifpri.org/blog/russia-ukraine-war-after-year-impacts-fertilizer-production-prices-and-trade-flows">fertilizer prices</a>.Russia and China have also long held significant power over global food security, so the impact of the Ukraine war put certain regions at serious risk, <a href="https://www.bloomberg.com/news/features/2023-02-20/feed-the-world-without-fertilizer-why-crop-nutrients-are-suddenly-political" target="_blank" rel="noopener">Bloomberg</a> reported.But Wurmser believes that the latest find could help mitigate some of these risks."When you find something of that magnitude in Europe, which is larger than all the other sources we know — it is significant," he said."We believe the phosphorous that we can produce will be important to the West — it provides autonomy," he added. As well as discovering phosphate at the site, Norge also found huge deposits of titanium — used to build aeroplanes — and vanadium, which is a key alloy for strengthening steel.

Norway's new phosphate deposits are so massive they could guarantee solar power and electric cars keep running for the next 50 years

<ul class="summary-list"><li>Elon Musk spoke about banks, self-driving cars, crystal balls, and lithium refineries this week.</li><li>He warned of "stormy weather" ahead and said rate hikes, layoff fears, and bank lending are worries.</li></ul>Elon Musk touched on crystal balls, lithium refineries, self-driving cars, and a potential credit crunch during <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_medium=ingest&amp;utm_source=markets" rel="">Tesla</a>'s first-quarter earnings call on Wednesday.The Tesla, Twitter, and SpaceX CEO <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-stock-economy-fed-rates-layoffs-credit-crunch-2023-4?utm_source=twitter&amp;utm_campaign=markets-sf&amp;utm_medium=social">warned of a rough year ahead</a> for the US economy, and explained why rising interest rates, layoff fears, and tighter lending by banks threaten to depress car sales.Musk also trumpeted Tesla's Dojo supercomputer platform and self-driving technology as potential game-changers for the company, and predicted gas-powered vehicles will eventually become curiosities, according to a transcript provided by AlphaSense/Sentieo.<h2>Here are Musk's 10 best quotes, lightly edited for length and clarity:</h2>1. "Stormy weather for about 12 months and then, provided there are no major geopolitical wildcards that show up, that things start getting sunny around spring next year." (Musk was sharing his outlook for the US economy.)2. "Man, I wish I had a crystal ball to answer your question. I think we're in uncertain times. And if somebody got a crystal ball they can lend me, I'd really like to borrow it."3. "Every time the Fed raises the interest rates, that's equivalent to increasing the price of a car. Whenever there is uncertainty in the economy, people will generally postpone big, new capital purchases like a new car. If people are reading about layoffs and whatnot in the press, they might be worried about being laid off. So then they'll be, naturally, a little more hesitant than they would otherwise be to buy a new car." (Musk was highlighting two big headwinds for US automakers.)4. "It's a bet worth making, but not one you can take to the bank. Although these days, take it to the bank, it's maybe not as secure as it used to be." (Musk was discussing Tesla's Dojo's supercomputer platform, and nodding to the <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">failure of Silicon Valley Bank and Signature Bank</a> in March.)5. "Probably banks are not leaning forward in providing loans, I expect, these days." (Musk was hinting at a possible credit crunch if banks, facing deposit outflows and the prospect of further bank runs, pull back on lending.)6. "All cars will be EVs. We'll look back on internal combustion engine vehicles the same way we look back on external combustion engine vehicles like the steam engine. There's still a few around. They're kind of quirky and kind of cool collectors' items. That's how gasoline cars will be in the future."7. "If we're able to have a fleet of several million vehicles that with a software update can be potentially worth several times their original value ... if that happens, and I think it will happen, that will be the biggest asset value increase in history." (Musk was outlining his vision of eventually rolling out autonomous driving to all Tesla vehicles via a software update, allowing them to serve as robotaxis and generate income.)8. "The best short-selling argument against Tesla for the longest time was the fact that Tesla did not have an existing fleet. The biggest reason incumbents succeed and newcomers fail in the auto industry is that the incumbents have a large fleet. They're able to sell new cars at close to zero margin, and then sell spare parts at a very high margin, sort of a razors-and-blades type thing."9. "Can other people please do this work? That would be great. We're begging you. We don't want to do it. Can someone please? Instead of making a picture-sharing app, try lithium mining and refining, heavy industry, come on." (Musk was underscoring the unmet need for refined lithium in the EV industry.)10. "You can't have too much luck in the rocket business, that's for sure."

Elon Musk spoke about crystal balls, bank lending, self-driving cars and lithium refineries this week. Here are his 10 best quotes from Tesla's Q1 earnings call.

<ul class="summary-list"><li>Deal talks around <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> acquiring Nevada-based <keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">mining</keyword> company <keyword id="10024622" type="UNKNOWN" weightage="60" keywordseo="cypress-development-corp">Cypress Development Corp</keyword>. have fallen through, Bloomberg first reported.</li><li>As the company shifts its plan, it now has the rights to mine <keyword id="632767" type="PERSON" weightage="60" keywordseo="Lithium">Lithium</keyword> on its own in the state, according to the report.</li><li>The automaker has access to 10,000 acres of "lithium-rich clay deposits," in <keyword id="6369096" type="LOCATION" weightage="60" keywordseo="nevada">Nevada</keyword>, where the company already has a Gigafactory.</li><li>The company hopes producing Lithium on a large scale will help keep battery costs low and enable it to finish a $25,000 Tesla in "about three years."</li></ul>Tesla was recently holding acquisition talks with a Nevada-based mining company to advance its ambitious plan to source lithium from clay deposits in the US, but the electric-car company was unable to reach a deal and has since secured the rights needed to legally mine the raw material on its own in the state, <a href="https://www.bloomberg.com/news/articles/2020-09-28/tesla-is-trying-to-mine-its-own-lithium-after-dropping-m-a-plan?sref=48NIRwSI">Bloomberg's Yvonne Yue Li and David Stringer reported Monday.</a>The mining of lithium is a key part of Elon Musk's vision for Tesla's future manufacturing process as the Tesla CEO looks to scale up his supply chain in pursuit of less-expensive and longer-lasting batteries. Musk has said that doing so will give the company a competitive advantage as electric cars become increasingly common. He also has said it will cut costs and enable a $25,000 Tesla to be built and sold.In the past, the automaker had planned to buy the mining company, Cypress Development Corp., which is also looking to source lithium from Nevada land, Bloomberg reports. Tesla already has a Gigafactory in the state.Cypress Development Corp. declined to comment on the report. A Tesla spokesperson did not immediately respond to a request for comment on the deal talks or mining rights.<h2>Musk maps out a lithium-filled future</h2>During the company's <a href="https://www.businessinsider.com/tesla-battery-day-announcements-highlights-elon-musk-annual-shareholder-meeting-2020-9">"Battery Day" in September,</a> Musk announced that Tesla has access to 10,000 acres of "lithium-rich clay deposits."Musk said during the presentation that Tesla plans on mixing clay with salt, and then adding water. From there, the salt would "leach out" lithium, <a href="https://www.reuters.com/article/us-tesla-batteryday-lithium/teslas-nevada-lithium-plan-faces-stark-obstacles-on-path-to-production-idUSKCN26E3G1">Reuters reports</a>. The clay would then be returned to the earth.If successfully executed, it would mark the first time a company has produced the metal from clay on a commercial scale, according to Reuters.<div type="image" title="Tesla battery day" height="1342" width="2802" msid="78395180" hostid="261"></div>Right now, lithium is commonly mined in South America or Australia. In South America, it is normally harvested into a brine, after being pulled from underground salt flats, <a href="https://www.wired.co.uk/article/lithium-batteries-environment-impact">according to Wired.</a> In Australia, the lithium is mined from rocks, and then turned into a concentrate called spodumene, <a href="https://www.reuters.com/article/us-australia-lithium-batteries/australian-lithium-miners-submerged-by-low-prices-idUSKCN1VN0GP">as reported by Reuters.</a>Nevada's climate could pose some issues for the company's proposed lithium-mining process, as cattle ranchers in the state rely on underwater reserves which Tesla may have to tap into as well in order to produce the large quantity of lithium, Reuters reported.It's worth noting that <keyword id="974739" type="PERSON" weightage="60" keywordseo="Lithium-batteries">lithium batteries</keyword> aren't uncommon, and are often found in phones, laptops, and other electronics, but are found in very small volumes within these devices."This plan from Tesla brings up a lot more questions than it answers," Chris Berry, president of a consulting firm that works with the lithium industry, told Reuters. "Are we just supposed to take Elon Musk's word for it that the cost will be lower than existing lithium projects?"Timing could be another issue for the company, according to Reuters. Tesla wants to have the $25,000 model on the market "about three years from now," according to Musk, but some familiar with the industry told Reuters it may take more time to get lithium production started."If Tesla really wants to fly solo, we're talking about four to five years to really see any kind of lithium production," Pedro Palandrani, research analyst with Global X Lithium &amp; Battery Technology ETF, which has shares in both Tesla and lithium producers, told Reuters.You can read the original report on Tesla's acquisition talks and mining rights <a href="https://www.bloomberg.com/news/articles/2020-09-28/tesla-is-trying-to-mine-its-own-lithium-after-dropping-m-a-plan?sref=BWbpWjRm">over at Bloomberg.</a>

Tesla has reportedly abandoned a plan to buy a mining company in Nevada

<ul class="summary-list"><li>Russia now controls $12.4 trillion worth of Ukraine's key natural resources, according to an analysis for The Washington Post by SecDev.</li><li>If the Kremlin succeeds in annexing Ukrainian land seized during Russia's invasion, Kyiv would permanently lose almost two-thirds of its deposits.</li></ul>Russia now controls at least $12.4 trillion worth of Ukraine's key natural resources, including energy and mineral deposits, <a href="https://www.washingtonpost.com/world/2022/08/10/ukraine-russia-energy-mineral-wealth/">according to an analysis for The Washington Post by SecDev</a>.If the Kremlin succeeds in annexing Ukrainian land seized during Russia's invasion, Kyiv would lose almost two-thirds of its deposits, the report said, denying the country of its essential economic pillars.Based on SecDev's review of 2,209 deposits, Moscow controls 63% of Ukraine's coal, 11% of its oil, 20% of its natural gas, 42% of its metals, and 33% of its rare earths, including key minerals like lithium. Some of that was seized during Russia's takeover of Crimea in 2014 or the war with Russia-backed separatists in eastern Ukraine.But since its invasion began in February, Russia has steadily increased its advance into Ukraine while overtaking the country's economic strongholds.Using a tally from SecDev and Ukrainian industry, the Washington Post reported that Russia has seized 41 coal fields, 27 natural gas sites, 14 propane sites, nine oil fields, six iron ore deposits, as well as several sites for titanium, zirconium, strontium, lithium, uranium, and gold.While Ukraine is known as a top exporter of grains, the report said it also possesses 117 of the 120 most widely used minerals and metals, while also serving as a top source of fossil fuels.Ukraine still has control over most of its oil ans gas reserves. But the vast majority of its natural resource wealth that's under the Kremlin's control is comprised of coal deposits.SecDev estimated that about 30 billion tons of hard coal deposits worth $11.9 trillion are in Russian-controlled parts of Ukraine.

Russia now controls at least $12.4 trillion worth of Ukraine's energy, metal and mineral deposits, report says

<ul class="summary-list"><li>A mineral exploration company may have found the largest reserves of <keyword id="13767730" type="UNKNOWN" weightage="60" keywordseo="rare-earth-elements" source="Orion">rare earth elements</keyword> in the US.</li><li>Demand for <keyword id="11963839" type="UNKNOWN" weightage="60" keywordseo="clean-energy" source="Orion">clean energy</keyword> <keyword id="12475267" type="UNKNOWN" weightage="60" keywordseo="minerals" source="Orion">minerals</keyword> is projected to increase by up to 600% in the coming decades.</li></ul>In the rust-colored shadow of a mountain in <keyword id="11940452" type="UNKNOWN" weightage="60" keywordseo="wyoming" source="Orion">Wyoming</keyword>, the search is underway for some of the most important minerals on the planet.The salt-and-pepper rocks here have an unusually high presence of several "rare earth" elements — namely Neodymium, Dysprosium, Praseodymium, and Terbium — which are essential in making the magnets that go into things like electric vehicle motors and wind turbines.<a href="https://americanrareearths.com.au">American Rare Earths</a>, the company conducting the exploration and analyses, also has holdings in Arizona and Nevada that could substantially ease US dependence on foreign sources of these key metals.<div type="image" title="An American Rare Earths geologist scans a rock with a handheld X-ray fluorescence analyzer in Wyoming" height="1333" width="2000" msid="91214552" hostid="261"></div>If preliminary results hold, the sites in Arizona and Wyoming could be the two largest rare earth sites in the US, making ARE's holdings the largest claim in North America by a wide margin.The current US leader in terms of production is MP Materials, which owns the only operating rare earth mine in Mountain Pass, California, and is responsible for producing 15% of the mineral content consumed in the global market, <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001801368/77b2894e-b746-43c5-938a-a3f524823baa.pdf">according to SEC filings</a>.An <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/22/fact-sheet-securing-a-made-in-america-supply-chain-for-critical-minerals/">estimate from the White House</a> projects demand for these kinds of minerals to increase by up to 600% in the coming decades amid the transition to a clean <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword>. ARE expects the global rare earth market to reach $20 billion within the next few years.<div type="image" title="An American Rare Earths drilling operation extracts core samples in Wyoming" height="1332" width="2000" msid="91214556" hostid="261"></div>While most of the attention is commonly focused on growing demand for lithium to power ever-larger batteries, these ultra powerful magnets are what convert motion into electricity, and the White House says 87% of that market is controlled by China.Although <a href="https://www.bostonglobe.com/2022/03/09/opinion/russia-is-mineral-powerhouse-its-war-with-ukraine-could-affect-global-supplies/"></a><a href="https://www.bostonglobe.com/2022/03/09/opinion/russia-is-mineral-powerhouse-its-war-with-ukraine-could-affect-global-supplies/">Russia is a major mineral exporter</a>, including several rare earth minerals, it is not a major supplier of these specific elements. Even so, Russia's invasion of Ukraine has elevated the urgency of onshoring as much of this production as quickly as possible.<div type="image" title="A technician pulls a core sample from the drill tube at the American Rare Earths site in Wyoming" height="1333" width="2000" msid="91214561" hostid="261"></div>What makes magnets made with these elements special is they are more resistant to <a href="http://www.usrareearthmagnets.com/3-demagnetization-methods-of-neodymium-magnet/">demagnetization</a> that can occur at high temperatures or vibrations, such as the conditions that can appear during the operation of an EV motor, power turbine, or drone rotor. If a magnet loses its polarity, it's no longer useful in converting electricity.Of course, <keyword id="11955836" type="UNKNOWN" weightage="60" keywordseo="mining" source="Orion">mining</keyword> the raw materials is only the beginning of a much longer process, and the US currently has no capacity to turn its own rare earth supply into useful products. For now, what gets mined in California is shipped over to China for refining and manufacturing.The push to keep more of that supply chain in the US is seeing mounting political support as well.In January, Senators Tom Cotton and Mark Kelly<a href="https://www.reuters.com/business/energy/exclusive-us-bill-would-block-defense-contractors-using-chinese-rare-earths-2022-01-14/"> introduced legislation</a> that would establish a stockpile through the Department of Defense and require defense contractors to stop buying rare earths from China by 2026.<div type="image" title="Core samples taken at an American Rare Earths drilling operation in Wyoming" height="1333" width="2000" msid="91214566" hostid="261"></div>And earlier in April, Senators Marco Rubio and Cindy Hyde-Smith <a href="https://www.rubio.senate.gov/public/index.cfm/2022/4/rubio-hyde-smith-introduce-bill-to-kickstart-american-rare-earth-manufacturing"></a><a href="https://www.rubio.senate.gov/public/index.cfm/2022/4/rubio-hyde-smith-introduce-bill-to-kickstart-american-rare-earth-manufacturing">introduced a bill</a> that would provide funding through the Department of Energy to support domestic manufacturing of finished rare earth products."Relying on a hostile regime in Beijing for these critical products poses a serious national and economic security problem. We need to take immediate action to onshore these operations," Rubio said in a statement.President Biden has also issued <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2021/02/24/executive-order-on-americas-supply-chains/">several executive orders</a> over the past year directing <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/22/fact-sheet-securing-a-made-in-america-supply-chain-for-critical-minerals/">investment and partnerships</a> to boost the onshoring of this industry, describing US reliance on other nations as <a href="https://www.whitehouse.gov/wp-content/uploads/2021/06/100-day-supply-chain-review-report.pdf">a threat to national and economic security</a>.<div type="image" title="An American Rare Earths geologist writes notes on a rock sample in Wyoming" height="1333" width="2000" msid="91214571" hostid="261"></div>ARE currently describes itself as a pure play exploration operation, meaning a company that focuses on one type of product or service, but is on track to change once the final analyses establish the real value of its claims.ARE CEO Chris Gibbs has a long resume in the extraction industry, and the company is actively investigating new, more environmentally friendly approaches to process the materials in the US.There's still a long road ahead, but the industry appears to be picking up speed.

The US has a critical need for rare earth minerals that enable clean energy, and this exploration company may have found the largest deposits in North America

<keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> is back. After a three-month hiatus due to a kidney transplant surgery, Jaitley was re-assigned the responsibility of the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> ministry on 23 August. While he was recovering, <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword>, the minister for Railways, was asked by Prime Minister Modi to step into the role of interim finance minister. Leading the finance ministry is said to be one of the busiest jobs in the Indian <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> and Goyal’s stint was no different. He completed a number of tasks and took a lot of important decisions over the course of the summer. Here is a rundown of what he did: Reduction of <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> rates on certain items In Jaitley’s absence, Goyal presided over the 21 July meeting of the GST Council. After the meeting, he announced a rate cut on a number of items such as sanitary pads, which were made fully exempted of tax, toiletries, lithium batteries, vacuum cleaners, washing machines, water heaters and hair dryers as well as raw materials like marble, wood and ethanol. The cuts were meant to benefit middle-class consumers and small business owners. Goyal added that rates on more items would be reduced as tax compliance increases in the future. In the 4 August meeting of the GST Council, he also decided to form a special sub-committee to focus on the problems of micro, small and medium-sized enterprises in the country. Withdrawal of FDRI Bill After a minor furore was caused last year over the safety of Indians’ bank <keyword id="6496248" type="UNKNOWN" weightage="20" keywordseo="deposits">deposits</keyword>, the government finally withdrew the contentious the Financial Resolution and Deposit Insurance (FRDI) Bill under Goyal’s leadership this July. The bill was introduced in the Lok Sabha in the Monsoon Session in 2017. The bill had come under criticism for its “bail-in” clause which suggested that the deposits of bank account holders could be used to capitalise banks in the event of their failure and subsequent resolution. The ensuing panic caused deposit-holders to withdraw their cash from banks in states like Andhra Pradesh and Telangana. During the Monsoon session of Parliament, Goyal wrote to the the Chairman of the Joint Parliamentary Committee and called for the bill’s withdrawal. Reacting to the move, Goyal said that the government was taking public concerns into account. Amendment to the bankruptcy law Earlier this month, the Parliament approved an amendment to the Insolvency and Bankruptcy Code (IBC) that was introduced by Goyal. The amendment comprised a clause that allowed homeowners to be classified as financial creditors and another that allowed the owners of small businesses facing bankruptcy to bid for their own firms. The amendment replaced an ordinance that was approved by India’s President Ram Nath Kovind in June. The main goal of the amendment was to empower homebuyers, who up until then, did not have a say in the resolution process of real estate developers and construction companies, as well as small-business owners. The new bill also reduced the minimum percentage of votes required to approve a resolution plan for 75% of creditors to 66%. This was done to ensure the quick resolution of cases, especially smaller ones, as opposed to liquidation. Approval of LIC’s takeover of IDBI At the beginning of August, Goyal approved a bailout of struggling public sector lender IDBI Bank by Life Insurance Company Corp (LIC), a government-owned insurer. Speaking to the press, Goyal termed LIC’s acquisition of a 51% stake in IDBI as a “<a href="https://twitter.com/PiyushGoyal/status/1024913992878313472">win-win situation</a>” for both parties. The deal, which will likely involve the deployment of policyholders funds, will see LIC pump around ₹130 billion into the bank in order to provision for <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> and support credit growth. As a result, the government’s share in IDBI will come down to around 45%. Launch of Project Sashakt to tackle bad loans After meeting with the leaders of various Indian banks in early July, Goyal announced “<a href="https://www.businessinsider.in/india-wants-to-establish-a-mega-asset-manager-to-tackle-its-bad-loan-problem/articleshow/64838159.cms">Project Sashakt</a>” - a programmed aimed at the resolution of stressed assets at public sector banks. Under the scheme, a number of independent asset management companies will be established to purchase non-performing accounts from banks, including a specialised agency to deal with accounts above ₹5 billion. It also involves an intercreditor agreement - signed by the banks - for the resolution of accounts between ₹500 million and ₹5 billion. The agreement dictates that the resolution plan prepared by the lead creditor only requires 66% approval from all creditors to be passed.

Here are the 5 major decisions that interim Finance Minister Piyush Goyal took while Arun Jaitley was away

<ul class="summary-list"><li>Argentina's President Javier Milei is in the US to meet with leaders of the world's biggest tech companies.</li><li>Tim Cook, Mark Zuckerberg, Sundar Pichai, and Elon Musk have all agreed to meet with him, his spokesman said.</li></ul>Argentina's President Javier Milei has landed in the US.But rather than an official meeting with President Joe Biden, he's headed to the West Coast to meet with the leaders of Silicon Valley.Milei's <a target="_blank" href="https://www.casarosada.gob.ar/informacion/conferencias/50515-conferencia-de-prensa-del-vocero-presidencial-manuel-adorni-desde-casa-rosada-43">schedule</a> includes private meetings with three of tech's biggest names: Google CEO Sundar Pichai, Apple boss Tim Cook, and Meta founder Mark Zuckerberg.He is also reportedly meeting with representatives from OpenAI, as well as SpaceX and Tesla CEO Elon Musk — his <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-javier-milei-argentina-lithium-ev-production-batteries-2024-5">second catchup</a> with the billionaire in a month. Alongside top tech names, the South American leader and former TV pundit is scheduled to speak at Stanford University and meet entrepreneurs from several AI startups.The embrace of Argentina's right-wing, libertarian leader in tech circles is thought to be related to the country's bountiful and largely untapped lithium resources. Musk was "extremely interested" in Argentine lithium during their previous meeting, Milei said.Argentina is home to some of the largest known deposits of the metal, which is used to power batteries in cellphones, laptops, and electric vehicles. Such is lithium's value in the modern world that it is known in some circles as "white gold." With a number of development projects in the pipeline, Argentina's lithium production could triple this year, according to <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/081423-argentina-could-be-epicenter-of-new-stage-of-lithium-supply">S&amp;P Global</a>.For Milei, networking with Silicon Valley leaders could help draw investment into Argentina's tech and space sectors, which are advancing despite the country's <a target="_blank" href="https://www.businessinsider.com/economy-argentina-hyperinflation-drought-rolling-recession-dedollarization-javier-milei-peso-2023-11">devastating economic crisis</a>.Since Milei's inauguration in December 2023, monthly inflation rates have declined, however, annual price growth still remains at almost 300%, <a target="_blank" href="https://apnews.com/article/argentina-inflation-milei-single-digits-3cf0adca2cdf911fb04a06c3e9c6880d">the AP</a> recently reported.However, the self-proclaimed "anarcho-capitalist" is facing widespread national protests against his austerity measures, which include slashing public spending and removing fuel and transport subsidies.On his way home from the US, he will stop off at the second-term inauguration of <a target="_blank" href="https://www.businessinsider.com/harrowing-photos-show-prisoners-stacked-together-in-el-salvador-2020-4">Salvadorian leader Nayib Bukele</a>.Representatives for Apple, Meta, and Alphabet did not immediately respond to requests for comment from Business Insider.

Big Tech is cozying up to Argentina's firebrand president as it sets its sights on the country's 'white gold' 

<ul class="summary-list"><li>A Jeff Bezos- and Bill Gates-backed start up announced a rare discovery of a massive copper reserve in Zambia, <a href="https://www.cnbc.com/2024/02/05/bill-gates-backed-miner-discovers-large-scale-copper-deposit-in-zambia.html" target="_blank" rel="noopener">CNBC reported</a>.</li><li>The discovery is a key development for the clean energy transition which needs a lot of copper.</li></ul>A metals-exploration startup backed by Jeff Bezos and Bill Gates has discovered what <a href="https://twitter.com/KoBold_Metals/status/1754369261156663402">could</a> become one of the world's biggest copper mines, <a href="https://www.cnbc.com/2024/02/05/bill-gates-backed-miner-discovers-large-scale-copper-deposit-in-zambia.html">CNBC reported</a> on Monday.KoBold Metals, based in California, said on Sunday that they found a vast copper deposit in Zambia — the <a href="https://www.pdu.gov.zm/blog/largest-copper-deposits-in-100-years-discovered-in-zambia-hhs-mining-policies-paying-off-in-a-big-way">largest deposit ever recorded in Zambian history</a>. The rare discovery is a key development <a href="https://www.pdu.gov.zm/blog/largest-copper-deposits-in-100-years-discovered-in-zambia-hhs-mining-policies-paying-off-in-a-big-way">for the clean-energy transition</a>. The International Energy Agency has previously <a href="https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions/executive-summary" target="_blank" rel="noopener">warned</a> that a dearth of critical mineral supply raises risks of a more expensive and delayed energy transition. KoBold's find could provide a boost to the supply of copper which is needed for solar panels, wind turbines, electric vehicles, and more.Zambia was the world's <a href="https://www.weforum.org/agenda/2022/12/which-countries-produce-the-most-copper/">8th largest copper producer</a> as of 2022. Copper <a href="https://www.fitchratings.com/research/sovereigns/zambias-copper-fdi-deal-positive-for-growth-external-liquidity-12-09-2023">makes up over 70%</a> of the country's export revenues. Last year, Zambia's copper output <a href="https://www.bloomberg.com/news/articles/2023-07-20/zambia-s-copper-production-seen-falling-to-14-year-low">fell to a 14-year low</a> amid a debt crisis, which further pinched the copper-reliant Zambian economy.In a <a href="https://twitter.com/KoBold_Metals/status/1754369261156663402">post on X</a>, the KoBold's president Josh Goldman said the $2 billion-dollar Zambian mine — a project called Mingomba — will be "one of the world's biggest high-grade large copper mines." He compared its potential to the Kakula copper mine, a giant reserve that sits across Zambia's northern border in the Democratic Republic of the Congo. KoBold — which is also backed by T. Rowe Price, Breakthrough Energy, Andreesen Horowitz, and Norwegian energy giant Equinor — has been drilling at its Zambian permit for a <a href="https://www.mining.com/gates-bezos-backed-kobold-metals-to-build-copper-cobalt-mine-in-zambia/">little over a year.</a> The company is aiming to use AI tools to <a href="https://www.mining.com/gates-bezos-backed-kobold-metals-to-build-copper-mine-in-zambia-within-10-years/">create a "Google Maps" of the Earth's crust</a> with a special focus on copper, cobalt, nickel and lithium deposits.

You Searched For "lithium deposit" and got 11 results

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