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A mineral production firm has discovered what it says “could be the critical mineral equivalent of a gold mine” in Utah (The Wall Street Journal, subscription).
 
What’s going on: “Ionic [Mineral Technologies] said it discovered high grades of 16 different types of minerals, everything from lithium to alumina, germanium, rubidium, cesium, vanadium and niobium at the site in Utah’s Silicon Ridge.”

• The company—which has drilled thus far more than 600 acres to a depth of 100 feet—had leased land in the area “as part of its business producing nanosilicon for lithium-ion batteries, which are used in electric vehicles.”

Why it’s important: The U.S. depends on imports of several of the minerals Ionic MT says it has found in Utah, including scandium, which is crucial to the aerospace industry.

• China is by far the biggest player in the critical minerals market and supplies the world with about 90% of its rare earths.
• The Trump administration—with which Ionic MT said it has had several meetings—has made domestic critical mineral mining a top priority, and sees it as a matter of national security, as “[t]he minerals are used in everything from semiconductors for electronics to defense.”

What’s there? “Independent testing shows that the Utah deposit is made up of ‘a halloysite-hosted ion-adsorption clay,’ which essentially means it can be rich in minerals, the same kind of geological formation that supplies a big chunk of China’s rare earth production,” according to the company.
 
What’s next: The land is permitted for mining, which will speed production, and the area already has full infrastructure in place.

• Ionic MT says it will process the minerals at its manufacturing site in nearby Provo, Utah.

Our take: “If the critical mineral stores at Silicon Ridge prove to be as extensive as is thought, it would be an enormous boon to the U.S. energy and defense sectors,” said NAM Director of Energy and Resources Policy Michael Davin.

• “America needs to strengthen its domestic critical mineral supply chains to reduce our dependence on foreign imports. Developing this deposit and growing our processing infrastructure is a manufacturing and a national security imperative.”