[Rare-Earths] Large Deposit Of Neodymium Discovered In Brazil

A story on Mining.com reports that the Brazilian mining company, World Mineral Resources, has discovered a large reserve of neodymium in the state of Bahia, brazil. According to the story, the deposit will yield about 28M/t of neodymium and is worth around US$ 8.4BN. This is the first discovery of neodymium in Brazil, and its potential is second only to China's Baotu deposit, the world's largest concentration of this rare-earth element. It is difficult to find rare-earth minerals deposits that are large enough to mine economically. The story reports that the going rate for neodymium is around US$ 300,000/t and that the global market for the element is worth US$ 5BN.