A large lithium deposit has been discovered in Newry, Maine, just a few miles from Sunday River Resort. Lithium is becoming an increasingly valuable metal as it is the primary component of batteries used in electric vehicles. The value of this metal is expected to increase rapidly in the coming years.
According to the Bangor Daily News, the deposit is estimated to hold 11-million tons of ore and is worth roughly $1.5 billion. Some of the lithium crystals that were found are up to 36-feet in length.
Maine has strict laws as it pertains to mining. It bans all mining on public lands and all open-pit mines greater than three acres on private land. Three acres is considered very small and any commercial mining operation would be much, much larger. The goal of these laws is to eliminate the well-documented negative environmental impact caused by mining.
This deposit was found on private land and the owners are not certain how to proceed. They do not want to sell the property and are concerned about the environmental effect of extracting the lithium. Surely, there will be a colossal amount of interest in the valuable metal as there is a great deal of money to be made.
It will be interesting to see how this develops. The environmental concerns are legitimate. That said, when there are billions of dollars on the table things can get a little muddy.
Images From: Midnight Minerals Facebook Page