Monday, May 8, 2017

Scandium International Mining Corp. - SCY.v granted mining lease for primary scandium mine

A mining lease was granted by the Minister for Resources of the State of New South Wales to a subsidiary of Scandium International Mining Corp. (TSX:SCY), for the company's Nyngan Scandium Project, located about 500 kilometres northwest of Sydney. SCY.v can move forward with building the mine. Environmental consent was given in November 2016.
Scandium is a soft, silvery metallic element. The element is not commonly found in concentrations over 100 parts per million, hence there are no scandium-only mines. Scandium International says it is estimated that only 15 tonnes of scandium are produced globally every year. Prices range from $3500 to $5000 per kilogram depending on the quality.
Scandium is primarily used as an aluminum alloy, producing aluminum products that are stronger. The use of scandium-aluminum alloys can reduce aircraft weights by 15 to 20%. The element is also a good conductor for heat and electricity, hence its use in solid oxide fuel cells, used for example in auxiliary power units in vehicles and stationary power generation.