This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Wyoming Goes Slow On $500 Billion Lithium Find

CHEYENNE, Wyo. (AP) â¿¿ The discovery of lithium in Sweetwater County has already attracted four lithium lease applications, but the applications are on hold for now while state officials develop a strategy on how to handle mining of the new resource.

Ryan Lance, director of the Office of State Lands and Investments, said the State Board of Land Commissioners is taking its time deciding how to handle the applications because of the enormous potential value of the lithium find â¿¿ estimated at up to $500 billion based on current market values.

The state board includes Gov. Matt Mead and the other four elected state officials.

The board's options include issuing leases on a first-come, first-served basis or an auction.

Researchers at the University of Wyoming Carbon Management Institute found a vast new lithium resource near Rock Springs during work on a carbon dioxide storage site project.

Lithium, a key component of batteries and many electronic devices, has become highly sought after around the world. Wind, solar and smart-grid technologies all employ lithium-ion batteries to store energy for later use.

Preliminary analyses of fluid samples collected from a well drilled on the Rock Springs Uplift suggested that reservoir brines from a 25 square-mile area of the 2,000 square-mile uplift could contain 228,000 tons of lithium.

State rules on metallic and nonmetallic leases and forms say the first one who applies gets the lease. But the rules also say the State Board of Land Commissioners can decide to hold an auction or require bids for a lease or leases instead.

Right now, Lance tells the Casper Star-Tribune (http://bit.ly/16fAFal ) his staff is "time stamping" applications so the priority list will be available if the board decides to lease first-come, first-served.

"We're talking about a $500 billion market price on that lithium and we, of course, have to be very cautious," he said. "We don't want to give it to anyone for a dollar."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs