China has announced the discovery of a new mineral called “niobobaotite” that could have significant potential for superconductivity. The rare Earth deposit contains niobium, barium, titanium, iron, and chloride. Niobium is a valuable metal used in steel and known for its ability to conduct electricity at low temperatures.
Scientists worldwide have been conducting experiments with batteries that contain niobium, as they have the potential to be safer and charge at a faster rate compared to conventional lithium-ion batteries due to their low-temperature electrical efficiency.
To put it simply, the discovery of niobium in China could have significant implications for the country, as well as the highly competitive global battery market, since China currently relies heavily on importing this mineral.
This discovery is very important for China because they currently rely on imported niobium for their steel industry. If the niobium found is of sufficient quantity and quality, it could make China independent in niobium production.
Lithium-ion batteries have a tendency to catch fire and require a long time to charge. However, researchers have been testing niobium-lithium batteries, which they believe could enable quick and safe recharging in less than ten minutes. This finding could have significant implications for the future of electric vehicles.
The Bayan Obo mining district in Inner Mongolia has found a deposit, and the China National Nuclear Corporation has announced that the ore has been officially approved by the International Mineralogical Association’s classification committee.
According to the 2022 US Geological Survey, Brazil dominates the global niobium market with a share of nearly 70%. Canada also exports a significant amount of niobium, accounting for around 30% of global exports. The United States is planning to open its first niobium mine in Nebraska. China is the largest buyer of niobium from Brazil, according to the survey.
The discovery of high-quality niobium in niobobaotite could potentially make the largest importer of niobium the largest holder of the compound, which could have a significant impact on the global battery market.
Reference- South China Morning Post Article, Futurism, S&P Global Commodity Insights, Space Magazine