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" ... To give another example concerning lithium. If I look out my window here and squint a bit I can see a hill which is just jam packed full of lithium. It's in a mineral called zinwaldite, named after the German village on the top of the hill called Zinnwald. I know the people who have investigated how to extract the Li from that mineral and succeeded. I've even been in the old mine workings and lifted a few grammes myself. And yet that zinnwaldite (a form of muscovite I think) is still dirt, not ore. Because the mining and extraction process costs more than the value of the lithium extracted. The same is true of what is probably Europe's largest tin deposit at the bottom of the same hill on the Czech side, underneath Cinovec. That would be economic if permission to mine it were granted. That looks unlikely: thus there's a very small option value to be assigned to that deposit and no more. ... "