The new Gold Rush: Companies race to mine rare earths in Texas

DALLAS (NewsNation) — As lithium becomes much critical, powering everything from electric vehicles to cruise missiles, request is skyrocketing for rare earths recovered heavy nether mineral-rich East Texas.

Major vigor producers aren't conscionable drilling for lipid successful Texas — they're going aft lithium and different uncommon world minerals, investing billions successful what galore are calling a modern-day gold rush.

Companies similar Chevron, Halliburton and Exxon are racing to unfastened lithium mines successful East Texas, wherever they've been drilling for much than a century.

The United States doesn't nutrient capable lithium oregon different captious minerals to conscionable its cleanable vigor needs, but a important find past period is changing that.

Smackover Formation could fuel nation’s lithium needs 

The astir lithium-rich fluids ever recovered successful North America were discovered successful a monolithic brine deposit known arsenic the "Smackover Formation." That stone formation, uncovered astir 20 years ago, stretches from East Texas into Arkansas to the Florida Panhandle.

Experts person said the portion is rapidly becoming 1 of the cardinal hubs for U.S. lithium accumulation and that, successful 10 years, it could beryllium the nation's largest home source.

According to the U.S. Geological Survey, the Arkansas portion unsocial could incorporate capable lithium to conscionable planetary request for car batteries 9 times over.

China is the world's third-largest lithium producer

Currently, China is the third-largest shaper and processor of lithium, posing superior economical and nationalist information risks, according to the World Economic Forum. But the Smackover Formation find could assistance alteration that.

"It's each imported from China close now, and they bash person the quality if they halt export, which was precocious announced, that we're going to truly restrict the export of it," said Douglas Wicks, a erstwhile programme manager astatine the Department of Energy. "It could grind our system to a halt successful a substance of months."

Wicks added that, with the Energy Department's support, the U.S. could statesman to importantly trim lithium imports from China by 2027.