00:00This area might just be the most important spot in America right now, as it is worth over $1 trillion.
00:08There's something incredibly valuable hidden right here at Thacker Pass, and it is going to shake things up,
00:15not just in Nevada, but in the U.S. economy and its global relations.
00:20The McDermott Caldera is a massive area, about 28 miles long by 22 miles wide,
00:27stretching across northern Nevada and southern Oregon.
00:30It's in Humboldt County, a quiet, rural place with just one main city that's going to change a lot in the next 5 to 10 years.
00:39That's because they found white gold there.
00:42We're talking about lithium.
00:44And to explain why this metal is so important, we need a scale.
00:49On one side, we place a chunk of lithium, and on the other, an apple.
00:53What do you think will happen?
00:54If both have the same volume, the scale is going to tip toward the apple.
00:59That's because lithium is super light.
01:01Its density is about 0.3 ounces per cubic inch, which makes it the lightest solid you can find at room temperature.
01:10Lithium is also extremely reactive.
01:13That means it combines with other elements very easily, and it can catch fire just as easily.
01:19Mix it with water?
01:20Fire.
01:21Expose it to air?
01:22Yep, fire again.
01:24But when you combine its lightness with its high reactivity, you get a material that's perfect for batteries.
01:31Like the one powering your smartphone, laptop, or even your electric car.
01:38Nevada's been hiding this treasure for about 16 million years.
01:41The McDermott Caldera used to be a volcanic hotspot, spewing molten rock and creating a huge lake filled with mineral-rich waters.
01:51Over time, that lake dried up, leaving behind thick layers of clay loaded with lithium.
01:57Right now, Thacker Pass Mine is sitting on one of the biggest untapped lithium reserves in the world, worth about $1.5 trillion.
02:06If everything goes as planned, they expect it to produce about 40,000 tons of high-quality lithium a year.
02:15And that's enough to make batteries for up to 800,000 electric cars.
02:19Like I mentioned earlier, this metal is the backbone of modern batteries.
02:24And with the world racing toward green energy, the demand for lithium is skyrocketing.
02:30Since 2020, its price has gone up more than 10 times, making it the most expensive battery metal in the world.
02:37That means it's way more expensive than magnesium, nickel, cobalt, and other materials used in rechargeable batteries.
02:45Right now, we're using about 1.16 million tons of lithium per year, and roughly 85% of it goes into making batteries, mostly for cars.
02:56Between 2030 and 2040, experts think we will need to double the money we're putting into production, from $94 billion to $188 billion.
03:07At the same time, investment in batteries will jump by over 200%, reaching $686 billion.
03:16Finally, by 2050, the demand for lithium is expected to be more than 10 times higher than what we're producing now.
03:25Sorry, I know that's a lot of numbers, but I just want to show how important Thacker Pass will be for the whole world.
03:31This mine is going to be key to keeping everything running.
03:34I mean, literally, since most of the future demand will be for things like cars, electric bikes, scooters, and renewable energy storage.
03:43Nevada could also be the epicenter of a global energy revolution, with the U.S. aiming to cut pollution by 50% by 2030.
03:52A big part of that is replacing gas-powered vehicles with electric ones.
03:56And to make that happen, America is going to need a whole lot more lithium than it's producing right now.
04:03Nowadays, most of the metal used in the United States come from countries like Chile and Argentina.
04:09So, if America wants to be a leader in this market, it really needs to invest more and more in projects like Thacker Pass.
04:16But there's another challenge.
04:18Finding lithium in a mine is one thing, but refining it is another story.
04:24Just like diamonds are carefully cut and shaped to bring out their sparkle and sold-in rings and necklaces,
04:30something similar needs to be done with lithium.
04:34The raw material that comes from the mines has to be refined into a pure form that can actually be used in things like batteries.
04:41And China pretty much dominates this part of the market, and they're responsible for about 75% of global lithium-ion battery production.
04:51In other words, it doesn't matter if a country finds this powerful metal on its land.
04:56It will probably still need China to help refine it.
04:59So, the U.S. is eager to strengthen its supply chain.
05:03In fact, they're so excited about this possibility that authorities have invested over $2 billion in loans into the Nevada project.
05:12Because of that, Thacker Pass could make the U.S. a leader in lithium production worldwide.
05:18If their estimates are right, the McDermott Caldera could hold nearly half of the world's known lithium reserves.
05:24It would almost double the reserves found in Bolivia's salt flats, for example, which used to hold the record for the world's largest deposit.
05:34This discovery is about to change Humboldt County for good.
05:39Those quiet streets surrounded by nature will never feel the same again.
05:43The mine will need about 2,000 workers who will probably move there from other cities.
05:48Those workers will need houses, hospitals, schools for their kids, and all the necessary services.
05:55Do you see how it's like a ripple effect?
05:57For every person hired to work on the projects during construction, six more people will get hired in the state to support them.
06:05Thacker Pass is also going to have a huge impact on the economy, not just in Nevada, but all across the country.
06:13People expect the mine to be active for 35 years, and each year, it's expected to generate over $2 billion.
06:21But here's the thing.
06:22In Thacker Pass, they'll be extracting lithium from clay, and this process has never been done on such a huge scale before.
06:31So it's kind of a hit or miss, but if it works, it could completely change the industry.
06:37Big question.
06:39Who's interested in all this?
06:40Well, we've got three big companies eyeing the lithium market in the U.S.
06:46First, there's ExxonMobil.
06:48The oil giant wants to start producing lithium by 2027, and they have plans to become the top supplier for electric vehicles by 2030.
06:56Then there's General Motors, the company behind big car brands like Chevrolet and Cadillac.
07:04They're so interested in this business that they agreed to pay $625 million for a 38% stake in Thacker Pass.
07:13And finally, Tesla.
07:14In 2023, they started building a factory in Texas to process lithium.
07:20It's all part of their plan to handle more of their supply chain themselves.
07:23Now that you know how important lithium is, you might be wondering, what if we run out?
07:31Well, that could happen, since it comes from mining and, just like gold, is a finite resource.
07:37But that doesn't mean we'd have to give up smartphones or electric cars.
07:41If we ever run out of this metal, we'd probably find new ways to produce batteries.
07:47In fact, some experts think thermal batteries could be the next big thing.
07:52They store extra energy from renewable resources like wind or solar power, which are very cheap.
07:59So, they represent a new way of storing energy at a small fraction of the cost.
08:05Nowadays, they're primarily used for powering the production of steel, cement, and chemicals.
08:11Thermal batteries are also being used to heat and cool large buildings.
08:16However, more and more projects are focusing on bringing this technology into private spaces,
08:21like houses and apartments.
08:24Experts are optimistic that initiatives like these could make thermal batteries as well known
08:29as electric batteries, and they might soon become a regular part of our daily lives.
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