Beijing: Geologists have reportedly discovered a huge rare earth deposit containing over 70 tonnes of Scandium in east China`s Zhejiang Province.
Scandium is one of 17 rare earth metals that are widely used in the manufacture of electronics and other high-technical products.
The Xinhua news agency quoted Yang Xiaochun, chief engineer with Zhejiang No 1 Geological Prospecting Team as saying that the discovery was made after four years of geological survey, adding that it is the first time that such a large Scandium deposit has been found in the region.
He also said that besides scandium, geologists have also found other precious metals and non-ferrous metals in the deposit, including 800 tonnes of silver, 130,000 tonnes of lead and zinc, and 3,000 tonnes of cadmium.
Yang said that metals found in the deposit might cost over 70 billion Yuan (10.6 billion dollars).
"It is also the first time that such a variety of precious metals, non-ferrous metals and rare metals have been found in a single deposit in Zhejiang," he added.