(Ecofin Agency) - Miner Helium One which has three mining permits in Tanzania recently revealed that it has discovered a deposit of 1.5 million cubic meter of Helium in a section of the rift valley. Helium is a scarce gas used in high-tech devices such as MRI medical scanners, telescopes, and in cryogenics. It is also known to be used to inflate balloons. Zerovalent, the element is with Nickel, one of the least reactive ones under normal conditions.

Usually accidentally found in small quantities when drilling for oil and gas, it is the first time that the gas was discovered on purpose. The new find could help satisfy global demand. “This is a game changer for the future security of society’s helium needs. We sampled helium gas (and nitrogen) just bubbling out of the ground,” University of Oxford earth scientist Chris Ballentine said.

In 20015, one cubic meter of helium cost $3-$7 according to data from the US geophysics institute. The new deposit is thus worth $4.5 billion.

Louis-Nino Kansoun