Meantime, because universities have cut back on courses in earth sciences, mineral geology and mine engineering, there is a severe shortage of workers.

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Decades later, in September 2008, Bhappu, who has degrees in metallurgical engineering and mineral economics, led a group that included Goldman Sachs to purchase Molycorp from Chevron.

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No doubt, many of those workers will come out of U.S. mining schools, touting degrees in Earth Sciences, Mineral Geology, or Mine Engineering.

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After growing up in Socorro, New Mexico, Bhappu got degrees in metallurgical engineering at the University of Arizona, and a PhD in mineral economics from the Colorado School of Mines.

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Stephen Ball, chief executive officer of Lockheed Martin UK, owner of UK Seabed Resources, says the engineering experience of offshore oil and gas operations and the trend to rising mineral prices have now combined to make seabed mining feasible.

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