Australian mining company makes discovery in Mozambique

Mining company makes discovery in Mozambique

MAPUTO, Mozambique — An Australian mining company says it has discovered deposits in Mozambique of rare minerals with a variety of industrial uses.

Globe Metals and Mining executive chairman Mark Sumich said in a statement Tuesday the discovery was made near Mount Muambe in Tete, a western province.

Sumich says the minerals found included dysprosium, used to make laser materials and in components of nuclear reactors. Only about 100 tons of dysprosium are produced a year, mostly in China. Dysprosium prices have risen sevenfold since 2003, and by late 2009 the price was $53 per pound (about $24 per kilogram).

Other minerals found are used in fluorescent lamps and X-ray machines.

Sumich says drilling will start at Mount Muambe in coming weeks.