The white gold rush

Summary

Today, Explained: The White Gold Rush Vox Podcast, Released June 2, 2025

Hosts: Sean Rameswaram and Noel King
Producer: Avishai Artsy
Reporter: Umair Irfan

---

1. Introduction to Critical Minerals and the Global Race

Timestamp: 00:03 – 00:20

In the episode titled "The White Gold Rush," host Noel King and reporter Umair Irfan delve into the burgeoning significance of critical minerals, essential elements pivotal for modern technologies. These minerals, often referred to as "white gold," are likened to petroleum's role in the 20th-century economy.

Notable Quote:

Avishai Artsy (00:12): "These critical minerals will control the 21st-century economy the way that control of petroleum defined the 20th-century economy."

The United States faces a strategic challenge as China currently dominates 90% of the global supply of these minerals, sparking concerns over economic and technological dependencies.

2. The Salton Sea: From Agricultural Promise to Environmental Crisis

Timestamp: 02:08 – 05:21

The Salton Sea in Southern California's Imperial Valley serves as the focal point for the US's quest to secure domestic sources of critical minerals. Historically, the Salton Sea was envisioned as the "American Riviera," attracting celebrities like Frank Sinatra and Bing Crosby with its resorts and recreational activities.

Notable Quotes:

Umair Irfan (04:16): "Here is truly a miracle in the desert... Here is the good life in the sun."

However, environmental mismanagement in the 1970s and 1980s led to severe ecological degradation. Agricultural runoff rendered the sea toxic, causing massive die-offs of fish and birds, and exposed seabeds became sources of toxic dust, raising asthma rates in the region.

Avishai Artsy (04:44): "Now only a few hundred people live in the area around the Salton Sea. It's got kind of a Mad Max, post-apocalyptic vibe now."

3. Rediscovering the Salton Sea for Lithium Extraction

Timestamp: 05:27 – 08:19

Amidst the environmental decline, the discovery of lithium in the brine beneath the Salton Sea has reignited hopes for economic revival. Lithium, a critical component for electric car batteries, represents a lucrative opportunity to transform the local economy.

Notable Quotes:

Gavin Newsom (06:06): "We see this as one of the greatest economic opportunities of our lifetime."

California officials have dubbed the area "Lithium Valley," aiming to position the state as a leader in the critical minerals sector. Companies like Controlled Thermal Resources (CTR), led by Rod Colwell, are pioneering environmentally friendly extraction methods that utilize geothermal energy to minimize ecological impact.

Umair Irfan (08:09): "This would potentially generate enough lithium to power 375 million electric car batteries."

4. Challenges and Local Opposition to Lithium Mining

Timestamp: 08:19 – 14:56

Despite the promise of economic growth, local opposition poses significant hurdles. Historical grievances stem from previous industrial projects that left communities bearing the environmental and economic costs without sustained benefits.

Notable Quotes:

Luis Olmedo (08:51): "Companies come in, they leave a legacy of contamination. And who pays for it? The low income, disadvantaged community."

Groups like Comite Civico del Valle, led by Luis Olmedo, have filed lawsuits to halt or delay lithium projects, citing concerns over water usage, air quality, and inadequate consultation with indigenous communities. These actions have resulted in project delays, as seen with CTR's Hell's Kitchen project being set back by over a year due to litigation.

Gavin Newsom (10:32): "We got thrown out. But that put us back 12 months. For what reason."

Imperial County Supervisor Ryan Kelly, a long-time advocate for lithium extraction, expresses frustration over the slow progress despite strong governmental support.

Ryan Kelly (12:16): "I am committed to trying to see the change that can happen here because we do have an abundance of resources that can be significant for the United States."

5. Broader Implications for Critical Minerals in the US

Timestamp: 15:01 – 23:50

The challenges faced in the Imperial Valley are emblematic of broader issues in the US critical minerals landscape. Legal battles, environmental concerns, and community resistance are common obstacles across states like Nevada and Arizona, where similar lithium projects have been stalled.

Notable Quotes:

Umari Irfan (14:10): "It's a tricky balance to strike."

The episode highlights the tension between advancing technological and economic interests and safeguarding environmental and community well-being. This dynamic underscores the complexity of establishing a sustainable and ethically responsible critical minerals supply chain in the US.

6. Alternative Sources: Ocean and Asteroid Mining

Timestamp: 18:43 – 23:50

As terrestrial sources face mounting challenges, attention has shifted to unconventional frontiers such as deep-sea and asteroid mining. Deep-sea mining, although promising vast mineral deposits, confronts significant technological, environmental, and legal hurdles.

Notable Quotes:

Umair Irfan (19:25): "We don't know a whole lot about the ocean floor in general."

Asteroid mining represents a futuristic solution, with companies investing in technologies to harvest minerals from celestial bodies. While currently expensive and speculative, proponents argue that space resources could eventually alleviate Earth's resource constraints.

Rod Colwell (21:22): "We have some asteroids that we've identified that have up to 10,000 times the percent of platinum group metals... than the ore deposits on Earth."

7. The Future of Critical Minerals: Sustainability and Recycling

Timestamp: 23:50 – 26:36

Addressing the critical minerals dilemma requires not only securing new sources but also enhancing sustainability through improved efficiency and recycling. Innovations in technology aim to reduce the quantity of minerals needed and extend the lifespan of existing reserves through recycling.

Notable Quotes:

Umair Irfan (24:06): "There's a lot of room for improvement... efficiency."

Recycling initiatives can create a closed-loop system, ensuring that critical minerals are continually reused, thereby reducing the need for extensive new mining operations.

Umair Irfan (25:10): "We can make this transition, you know, cheaper, more effective and have greater benefits for everyone."

8. Conclusion: The Importance of Getting the Critical Minerals Race Right

Timestamp: 25:28 – End

Umair Irfan emphasizes the long-term economic and environmental stakes involved in the critical minerals race. Decisions made today will shape the technological landscape and economic resilience of the United States for decades to come.

Notable Quote:

Umair Irfan (25:28): "We have to make that cost-benefit analysis about how these mines could help us obviate and get rid of some of the more destructive forms of mining that are constantly going on."

The episode concludes with a call for strategic planning and investment in sustainable technologies to ensure that the transition to a critical minerals-dependent economy benefits both the nation and the environment.

---

Key Takeaways:

• Critical minerals are essential for modern technologies and the future economy, with lithium being a prime example.
• The Salton Sea offers a promising yet contentious site for lithium extraction, balancing economic revival against environmental and community concerns.
• Local opposition rooted in historical grievances poses significant challenges to new mining projects.
• Alternative sources like deep-sea and asteroid mining offer potential but come with their own sets of obstacles.
• Emphasizing sustainability and recycling is crucial for mitigating the environmental impact of critical mineral extraction.
• Strategic and ethical decision-making is vital to ensure the US navigates the critical minerals race successfully, fostering economic growth while protecting communities and the environment.

---

For more insights and detailed explorations of today's most pressing issues, subscribe to Today, Explained by Vox.

Transcript

[Noel King]

We call them critical minerals because they're critical, a handful of elements that we need for modern technologies.

[Umair Irfan]

Whoever controls the production and processing of.

[Avishai Artsy]

These critical minerals will control the 21st century economy the way that control of petroleum defined the 20th century economy.

[Noel King]

China controls 90% of these minerals and this worries the US because the girls are fighting.

[Luis Olmedo]

Why?

[Umair Irfan]

Why?

[Noel King]

So the US needs to find them stat. Some of the places we're looking are uneasy about the attention.

[Umair Irfan]

They want to make sure it's not done at the expense of a community that can't afford it.

[Noel King]

Some, like the ocean, are as yet unexplored, and some asteroids are on the bleeding edge of what we can even imagine. Coming up on Today, explained Minecraft. Support for today's show comes from BetterHelp. June is Men's mental health month, and according to the Anxiety and Depression association of America, 6 million men in the US suffer from depression every year and it often goes undiagnosed. BetterHelp says they make it easy to find a therapist. You can join a session at the click of a button and you can switch therapists anytime. As the largest online therapy provider in the world, BetterHelp says they can provide access to mental health professionals with a diverse variety of expertise. Talk it out with BetterHelp. Our listeners get 10% off their first month at betterhelp.com explained. That's betterhelp.com explained.

[Rod Colwell]

Craftsman days are here at Lowe's with big savings on the tools you need right now. Get a free select tool when you buy the Craftsman V22 pack battery kit. Whether it's the backyard, the bathroom, or beyond, Craftsman has the tools to help you power through and get the project done right because Diying is unpredictable. But your tools shouldn't be. Shop Craftsman at Lowe's today. Valid through 618 wall supplies. Last selection varies by location.

[Umair Irfan]

This is TODAY Explained.

[Noel King]

All right, so go ahead and give me your full name and tell me who you are.

[Avishai Artsy]

I'm Avishai Artsy. I'm a senior producer on Today Explained.

[Noel King]

Indeed you are. Okay, so we've established, Avishai, that these the United States really wants critical minerals, really believes it needs critical minerals, and in fact, it's trying to find them in this very big country we call home.

[Umair Irfan]

We believe it's possible to extract enormous amounts of critical minerals and rare earths, which, you know, we need for technology and high technology in the process.

[Noel King]

You went to a place where they're making an effort. Where'd you go?

[Avishai Artsy]

Yeah, I went to a place called the Salton Sea. It's in the desert in Southern California, just north of the border with Mexico. And the area between the Salton Sea and the border is called Imperial Valley. It's mostly desert, some agricultural land. And right next to the Salton Sea at the southeastern corner, there's an area called the Salton Sea geothermal field. And that's where they are pumping brine very heavily salty water underneath the ground because within that brine is lithium.

[Noel King]

I've definitely heard of the Salton Sea, but I've never been there. What's it like out there?

[Avishai Artsy]

Yeah, it's kind of a wild place. Here's how Manuel Pastor describes it. He's a professor at the University of Southern California and he co authored a book about the lithium that is in Imperial Valley.

[Umair Irfan]

Imperial Valley has been a place of scams, schemes and scoundrels from its earliest days. It was a real estate company that wanted to create a place of agricultural abundance that renamed it the Imperial Valley.

[Avishai Artsy]

In 1901, there was a company that tapped into the Colorado river to irrigate the farmlands. And the US government stopped them. So they went to Mexico. It made a deal with the dictator there to funnel water from the Colorado river south of the border.

[Umair Irfan]

But they did a bad job. The canal broke and they couldn't fix it. For two years it kept on flooding. And the Salton Sea is the result of that accident.

[Avishai Artsy]

So that's how the Salton Sea was created. Irrigation water continued to fill the Salton Sea and it took a big turn in the 1950s and 60s.

[Umair Irfan]

Here is truly a miracle in the desert. A whole new outlet for the crowded millions in big cities. A Palm Springs with water. Here is where you can find the good life in the sun.

[Avishai Artsy]

Developers went in, they built resorts and yacht clubs. People were water skiing. The Beach Boys, Frank Sinatra, Bing Crosby all vacationed there. The place was hopping. It was called the American Riviera.

[Noel King]

Huh?

[Umair Irfan]

You can enjoy your life more fully, both mentally and physically at the Salton Riviera.

[Avishai Artsy]

But then things started to really go downhill for the Salton Sea. And Beginning around the 70s and 80s, the agricultural runoff that had been feeding the sea turned the sea toxic. Fish and birds started dying en masse. The sea began to shrink that exposed seabeds. The wind started kicking up clouds of toxic dust. And right now you have asthma rates in Imperial Valley that are among the highest in the state. A lot of people left. The resorts turned to ghost towns. And now only a few hundred people live in the area around the Salton Sea. It's got kind of a Mad Max, post apocalyptic vibe now.

[Noel King]

Okay, so this place is really down on its luck. But then they discover lithium there.

[Avishai Artsy]

In one of California's most neglected and forgotten corners, a new kind of gold.

[Umair Irfan]

Rush appears to be brewing.

[Noel King]

The Imperial Valley, a region that once.

[Avishai Artsy]

Had boarded up businesses and many people struggling to find work, may soon see a booming economy, thanks to lithium, a.

[Noel King]

Critical mineral that President Trump is genuinely interested in. I am imagining that this is good news for the area, for its economy.

[Avishai Artsy]

Yeah, things are really starting to look up for the Imperial Valley. And it's not just President Trump that's excited about this. California officials even have a nickname for the area. Lithium Valley. Maybe not as famous as Silicon Valley, but it's a neat bit of marketing. Governor Gavin Newsom even visited.

[Gavin Newsom]

We see this as one of the greatest economic opportunities of our lifetime.

[Umair Irfan]

And we want California to dominate in this space.

[Avishai Artsy]

Local officials are into it. So from the federal government on down, there is a real desire to make this happen.

[Gavin Newsom]

How are you?

[Avishai Artsy]

Nice to meet you. Rod and I met up with a guy who is very excited about making this happen.

[Gavin Newsom]

Yeah, my name's Rod Colwell. I'm the chief executive of CTR. Been out at the Salton Sea here for 13 years, going on 14 years.

[Avishai Artsy]

So CTR is controlled thermal resources, one of three companies that are looking to develop the lithium potential around the Salton Sea. I met up with him on a windy day on. On a bluff overlooking the Salton Sea, where he pointed out the site for the project that his company is trying to build. And it's called Hell's Kitchen.

[Gavin Newsom]

That land that runs across to see that island or that little volcano across there. And you'll see there's about three and a half thousand acres where those wells are. So it's just a blank canvas. We'll run a central road in and build out facilities as we develop.

[Noel King]

Why is he not yet doing it?

[Avishai Artsy]

Yeah, so first his company has to build a way to get the lithium out of the ground. So as we established, lithium is in the. The brine, which is the salty water underneath the ground. They need to drill down over a mile deep to get to it. And because it's so deep, the brine is very hot. It's being heated by the earth's core. But what's cool about this is that a mining company could use that heat to power the process of bringing the brine up to the surface and then separating the lithium out from the saltwater. And then after they have the lithium, they can just Put the brine back in the ground. The process would be much more environmentally friendly than the other ways that we currently get lithium, like hard rock mining, which is just blasting a huge hole in the ground, or giant evaporation ponds that waste a lot of water. And the potential payoff would be huge. This would potentially generate enough lithium to power 375 million electric car batteries.

[Noel King]

Man. Except they don't have the infrastructure yet. Is that really the only thing standing in the way? If Rod is able to build a way to get the lithium out of the ground, then we're good to go?

[Avishai Artsy]

Well, yeah, part of it is infrastructure. The US just doesn't have the kind of mining, refining, or production of critical minerals infrastructure that say China has. And so that's something that needs to be developed. But one of the main things that's held this project back is local opposition.

[Noel King]

Huh.

[Umair Irfan]

We've already had to pay the bill for bad decisions that have already occurred in our area. Where companies come in, they leave a legacy of contamination. And who pays for it? The low income, disadvantaged community.

[Avishai Artsy]

This is Luis Olmedo. He's executive director of a local group called Comite Civico del Valle.

[Umair Irfan]

I'm a second generation organizer. I didn't necessarily plan to be here. I guess just life creates opportunities and it just became my calling.

[Avishai Artsy]

And he told me about how there's been a lot of companies who've swooped into the Imperial Valley, made big promises of economic development and jobs and bringing in new industry. Like a few years back, farmers gave up valuable land to solar companies that promised lots of good jobs. The benefit, aside from renewable energy, is that is that we generate jobs, bringing over 1300 jobs to the construction industry here in Imperial County. And most of those turned out to be short term jobs just installing the solar panels. And then those jobs quickly went away and people felt tricked.

[Noel King]

Many residents argued solar was depriving agricultural.

[Umair Irfan]

Workers of their jobs and taking more.

[Ryan Kelly]

Work away way than it was creating.

[Avishai Artsy]

Promises were made, yes, but this they were not true.

[Umair Irfan]

They were not.

They didn't.

[Noel King]

They didn't came to fruition.

[Umair Irfan]

So all of these scenarios have already played out. So, you know, why are we going to continue to repeat the same history and entertain the same old playbook?

[Avishai Artsy]

So Luis's group sued to stop the project or at least to slow it down. They joined another group called Earthworks and they've listed a bunch of concerns, water usage and air quality. And they said that indigenous groups weren't adequately consulted.

[Noel King]

All right, so they went ahead and sued. And is that the reason that Rod is not able to build the infrastructure to get the lithium out. Like, are they really holding him up?

[Avishai Artsy]

Yeah. Rod says that the lawsuit has slowed the project down by a year or more.

[Gavin Newsom]

We're a small private company, so raising capital has been a challenge. That challenge got exasperated by a ridiculous frivolous lawsuit that got filed. And, you know, we got thrown out. But that put us back 12 months. For what? You know, for what reason.

[Avishai Artsy]

Now, a Superior Court judge did throw out the activist lawsuit earlier this year. They're now appealing that decision. But meanwhile, the company is looking to start construction on the geothermal power and lithium extraction plant. You know, they have customers waiting for this lithium. They've already made purchase agreements with auto manufacturers like GM and Stellantis.

[Gavin Newsom]

That's how we mitigate price volatility and things like that. We have good relationships with General Motors and Stellantis on long term take or pay contracts. So they're relying on us to step up and deliver.

[Avishai Artsy]

So now Rod says the goal is to start generating geothermal energy by the end of 2026 and start extracting lithium in 2027. But this is just the latest version of delay. I met up with a guy named Ryan Kelly. He's on the Board of Supervisors for Imperial County. We met up at his house, and we drove to the Salton Sea in his pickup truck, and he gave.

[Ryan Kelly]

I do like the valley, and it's a very good community. You're not pressed by having a lot of people around you, and you have all of this open space, dunes and desert and scrubland, hills, mountains, the river. There's a lot of beautiful things about this area.

[Avishai Artsy]

Ryan Kelly went away to college and then came back. He worked as a firefighter and an emt. He was also mayor of his hometown. And he's been trying to get lithium extraction off the ground for well over a decade.

[Noel King]

Wow.

[Ryan Kelly]

I am committed to trying to see the change that can happen here because we do have an abundance of resources that can be significant for the United States. Domestic supply of critical minerals with renewable power.

[Avishai Artsy]

So you've been a supervisor since 2012, and I think you've been working on lithium that whole time. Is it frustrating that it's taking this long and we're still not seeing active lithium mining here?

[Ryan Kelly]

Yeah, it is frustrating because we've been making these arguments in Washington and in Sacramento for that whole time.

[Noel King]

Huh. All right. So Ryan has actually been trying to get this done since before Donald Trump was president, since before Donald Trump was even a politician. And here we are We've got a president that really wants to get this kind of thing done, and it doesn't seem like it's any closer to becoming a reality. What do you think this drama playing out in the Salton Sea tells us about trying to get critical minerals in other places in the United States? Does it tell us anything?

[Avishai Artsy]

Yeah, it tells us that it's a lot harder than you would think to get critical minerals out of the ground, even if you have the technology there. There are other things that get in the way. In other places like Nevada and Arizona, there are similar projects that have been held up by lawsuits from environmental activ and indigenous tribes who don't want to see this happening in their backyard.

[Noel King]

Ongoing debate over lithium mining in Nevada has taken a personal turn for six individuals sued by Lithium Americas for the peaceful protest of Thacker Pass.

[Umair Irfan]

Blowing up a mountain for coal mining is wrong. I think blowing up a mountain for.

[Avishai Artsy]

Lithium mining is just as wrong. Do you destroy the land to build cars?

[Umair Irfan]

Basically. How green is that?

[Avishai Artsy]

They don't want to see their areas become what they're calling sacrifice zones. They accuse these mining companies of what's called green extractivism, exploiting resources and perhaps harming the environment under the banner fighting climate change. And so that creates an interesting tension, right? I mean, in China, they can build mines wherever they want. Here in the US There are lots of state and federal regulations that make mining projects hard to launch. And you have local groups who are trying to protect their own interests. So this comes down to how do we meet the critical mineral needs of the future, but in a way that respects the people and the environment that are directly impacted by producing and processing these minerals. It's a tricky balance to strike.

[Noel King]

Yeah, it sounds like it. Abishai, thanks so much.

[Avishai Artsy]

Oh, you're welcome, Noel.

[Noel King]

Abishai Artsy. He's a senior producer at Today Explained. Next up. Oh, the places we'll go for critical minerals.

[Ryan Kelly]

Support for Today Explained comes from Vanta. If I could automate 90% of one task in my life. Oh, no, they are putting me on the spot. I like most of the tasks I do. What do I not like? I guess I wouldn't take the trash out. I don't like the alley behind my my house. Maybe if I had a robot, I would have them go into the alley behind my house and take out the trash and then pick out some of the trash. It's already in that alley because other people aren't doing their fair share in the neighborhood anyway. Vanta says they're a trust management platform that helps businesses automate up to 90% of the work for in demand frameworks like SoC2, ISO 27001, HIPAA and more. Go to vanta.com explain to meet with a Vanta expert about your business needs. That's vanta.com Explain.

[Noel King]

Support for today's show comes from Bombas. Bombas wants to make your summertime in the sun a little more comfortable with socks that they say are perfect for your next marathon or or just your next trip down to the bodega. Bombas says their running socks help wick sweat, keep you cool and fight blisters. And they don't just stop at socks, Bombas says they also offer those white tees, those waterproof slides and those sweat wicking mudans. Nisha Chichal is our colleague here at Vox and she's tried Bombas herself. I am part of a whole family of Bombas wearers. My daughter who's three also wears Bombas. She has several pairs in toddler kid sizes and they're great. The kids ones have little grips on is great because she runs around a lot so they the grips help her to make sure she's not slipping on wood floors. So she's a fan too. Bombas also wants you to know about their mission, which is for every comfy pair you purchase, they say they donate another comfy pair to someone facing homelessness. You can head over to bombas.comexplained and use code EXPLAINED for 20% off your first purchase. That's b o m b-s.comexplained code EXPLAINED at checkout bombas.com explained and use the code explained.

[Luis Olmedo]

Support for the show comes from Mercury. What if banking did more because to you it's more than an invoice. It's your hard work becoming revenue. It's more than a wire, it's payroll for your team. It's more than a deposit, it's landing your fundraise. The truth is, banking can do more. Mercury brings all the ways you use money into a single product that feels extraordinary to use. Visit mercury.com to join over 200,000 entrepreneurs who use mercury to do more for their business. Mercury banking that does more.

[Ryan Kelly]

Dunes and desert and scrubland, hills, mountains, the river. There's a lot of beautiful things about today, explained Umair.

[Noel King]

Irfan covers the environment and energy at Vox, and he's been looking beyond the geopolitical political deal making at some of the lesser explored areas where critical minerals can be found.

[Umair Irfan]

Right now, one of the hottest places people are trying to extract critical minerals is actually at the bottom of the ocean. There's a lot of evidence that there's a lot of minerals there. But doing anything underwater is really difficult and really expensive. There are some other problems to consider that are kind of unique to deep sea mining. One is just that we don't know a whole lot about the ocean floor in general. It's a very difficult area to map. Wildlife Geological Activ. There's a whole lot of other factors that we have to think about when we're doing mining.

[Noel King]

Just like clear cutting an old growth forest and leaving nothing behind, deep sea mining is like clear cutting the ocean.

[Luis Olmedo]

The companies involved in deep sea mining aren't necessarily interested in revealing the damage that's taking place down there.

[Umair Irfan]

Then on top of that, we also have to think about the framing of how we do this. The international guidelines. Now, the Trump administration said that they're considering proposals to extract critical minerals off the coast of US island territories like American Samoa and also in the US's exclusive economic zone. So it's looking at territorial waters of the US and trying to find places where they can do some mining. President Trump signed an executive order that.

[Avishai Artsy]

He says aims to speed up deep sea mining.

[Umair Irfan]

He says the goal is to get more rare earth metals from waters off.

[Avishai Artsy]

The US outer continental shelf. These minerals are in our own water. We can extract them with much less.

[Noel King]

Cost and much less time and much less environmental impact.

[Umair Irfan]

But some of the richest fields for critical minerals are in the middle of the ocean, basically in international waters. But because it's in international waters, the question is, who has rights to those minerals? This is really sort of a scramble right now as countries are trying to jockey for position at what might be a potentially rich vein for a lot of really important materials.

[Noel King]

Okay, so if the ocean is slow going in terms of the legal and environmental implications, where else are people looking?

[Umair Irfan]

Well, there are even more far fetched proposals and one of the more interesting ones might be mining asteroids. There are even companies that have sprung up to try to develop the technology to do this. And there was one company earlier this year that actually did launch a test spacecraft to try to see what the technology would be like to try to get to an asteroid and collect samples and bring them back.

[Rod Colwell]

Yeah, we have some asteroids that we've identified that have up to 10,000 times the percent of platinum group metals on them than the ore deposits on Earth.

[Noel King]

If we can figure out how to mine asteroids at scale and economically, resource scarcity could be a thing of the past. How realistic is it? Because I hear Asteroid mining. And I wonder what exactly are people thinking when they say it and, and how would it work?

[Umair Irfan]

Well, these are people who are thinking really big picture, really far into the future. Obviously we have plenty of resources that we haven't fully exploited here on Earth. And the cost is really going to be exorbitant. But the idea is that we're going to continue to need and consume critical minerals for a very long time. And eventually we will either exhaust the resources we have on Earth, or as we expand our footprint in space, we're going to need to find a way to get materials into space. And right now, getting any substance off of the Earth and into space is a really expensive proposition. But if you want to potentially build, say, a lunar colony or a space station, it might make more sense to try drawing on materials that are already in space. We're looking at asteroids that will provide water and other consumables that can be used for propellant and for other needs in space.

[Noel King]

So we might have a base on the moon where we actually manufactured materials and spacecraft or whatever we needed and tools to actually go and explore further into space.

[Umair Irfan]

This is a very sci fi idea, but it's definitely something that people are actually investing in now and are trying to lay the groundwork for because they think it's something we'll need 20, 30 years down the line. Now there are some very scarce materials we could potentially be getting from asteroids that we might need. So things like iridium that we typically find only in meteorite impacts on Earth, there might be more abundant in space. And so there are potentially things that we know about that are extremely rare, that could be very valuable.

[Avishai Artsy]

We could be opening up outer space in the same way that the gold rush of 1849 opened up California for exploration. Trillions of dollars could be at stake.

[Noel King]

Estimates suggesting multitrillion dollar industry could emerge. That this looks like it's going to be the new gold rush.

[Umair Irfan]

You know, some people have suggested that the world's first trillionaire will be an asteroid mining magazine. Because once you have opened the door to extracting this resource, there's so much there that you could potentially use and leverage.

[Noel King]

Is there anyone saying we could figure out a way to manufacture critical minerals or to develop other technologies so that we need less of them. Like how much of this is trying to get around the problem of critical minerals. Minerals.

[Umair Irfan]

There's a lot of room for improvement here in terms of how we use critical minerals now. You know, first is efficiency, that we learn how to use less of the critical minerals for a given object or a given device. So like for instance, we use less lithium or we blend lithium with other compounds and other metals that are more abundant in a lithium ion cell. And then we make the existing lithium reserves go further in terms of storing energy. Energy. One other thing that we should probably think about, especially over the long term, is recycling. Because we're not burning critical minerals, a lot of them are going to be retained in the devices that we use them. So a lithium ion battery still has all the lithium you use to mine it. Even when the battery reaches its end of life, we can sort of create this closed loop of materials that we can try to use. These materials once they reach their end of life, take these devices, pull them apart, get the raw materials back out, and then put them back into circulation in new devices. And that's one of the interesting potentials we have with a lot of these clean technologies. And that's also an argument for making this more sustainable.

[Noel King]

Turn you cover energy in the environment for Vox. And I want to ask you, as we've asked other people throughout the course of our two part series, why do you think it's so important that we get the critical minerals race right?

[Umair Irfan]

In a lot of ways, we're going to be locking in the economy for the next 10, 20, 30 years based on what we do now, the process of getting a mine started, from identifying a site to when you can actually get stuff out of the ground that can take 5, 10, 15 years just for a mine to start production. And so we have to start making some of these hard decisions. I mean, obviously in some cases mining does have a big environmental cost, but we have to make that cost benefit analysis about how these mines could help us obviate and get rid of some of the more destructive forms of mining that are constantly going on. Today I'm talking specifically about fossil fuel extraction, like coal mining, hydraulic fracturing. If we get our cards right, if we're smart about this, and if we actually start planning and making the investments in these technologies, we could make this transition, you know, cheaper, more effective and have greater benefits for everyone.

[Noel King]

Umair Irfan, you can find [e-mail] Avishai Artsy produced today's show. It was produced in partnership with Vox's Future Perfect team. Jolie Myers is our editor. Andrea Christensdotter and Patrick Boyd engineered and Laura Bullard checked the facts. I'm Noel King. It's Today explained.

[Avishai Artsy]

Sam.