Japan discovers $26,290,780,000 worth of rare earth metals

Japanese scientists discovered $26,290,780,000 worth of rare earth materials that could support its economy for the next decade.

A survey by the University of Tokyo and The Nippon  Foundation found this rich mineral deposit on the seabed of Minami-Torishima Island.

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It contained nickel, manganese, and cobalt, which are the essential components of electric vehicle batteries.

Japan’s hidden rare earth metals

On July 5, 2024, The Nippon Foundation announced the extraordinary discovery on its official website. 

It is a nonprofit organization that “works to achieve a better society through areas like support for children and persons with disabilities.”

Its chairman, Yohei Sasakawa, found the rare earth metals during a survey of Minami-Torishima Island’s seafloor from April 24 to June 9, 2024.

The minerals were in 230 million tons of manganese deposits as fist-sized nodules. Analysis revealed that the deposits contained approximately 610,000 tons of cobalt.

That amount is enough to meet Japan’s demand for more than 75 years. Also, the research team found 740,000 tons of nickel that will meet the country’s needs for more than 11 years.

The nodules formed over millions of years when iron and manganese oxides dissolved in seawater precipitated around stones and shark teeth.

The researchers found several manganese nodules around the teeth of megalodon, a prehistoric shark.

The Nippon Foundation plans to start large-scale experimental extraction of the manganese nodules by the end of fiscal 2025 in March 2026.

The organization will harvest thousands of tons daily to secure three million tons annually. Then, it will deliver the rare earth metals to Japanese companies that can refine them.

In 2026, Sasakawa expects a joint venture with multiple Japanese firms to commercialize the minerals as domestically produced resources. 

The University of Tokyo will continue its academic involvement in conducting detailed material analyses.

At the time of writing, China and African countries dominate rare earth mineral production and smelting. 

Japan has been almost entirely dependent on imports for these resources. Fortunately, the recent discovery could reduce the nation’s reliance on these countries.

“These resources are crucial for economic security,” emphasized Professor Yasuhiro Kato of the Graduate School of the University of Tokyo.