Country discovers rare minerals worth staggering £20bn | World | News

Japan has discovered a huge underwater treasure trove of rare minerals worth around £20 billion.

This is a promising change that could transform the country’s economy and reduce dependence on foreign imports.

The findings were made near the island of Minami-Tori-shima, about 1,200 miles southeast of Tokyo, in a study conducted by the Nippon Foundation and the University of Tokyo.

Scientists have discovered a dense field of manganese nodules located 5,700 meters below the seabed.

These nodules contain approximately 610,000 metric tons of cobalt and 740,000 metric tons of nickel—two critical elements for electric vehicle (EV) batteries and advanced technologies such as jet engines and gas turbines.

The combined value of the cobalt and nickel found at current market prices is $26.3 billion (£20.8 billion), with the potential to rise as demand increases. This calculation is based on Trading Economics market data on the cost of metric tons of these minerals.

The nodules are thought to have formed over millions of years as metals from ocean currents attached themselves to fish bones and accumulated on the seafloor.

The deposits may also contain copper and other valuable elements, further increasing their economic importance.

Japan’s dependence on imports of key minerals has long been a weak point for its economy.

This discovery could create a self-sustaining domestic supply chain, especially for electric vehicle battery production, a cornerstone of the nation’s energy transition and carbon neutrality goals.

A press release from the University of Tokyo highlights the broader implications: “The results of our research will help accelerate Japan’s growth by creating a domestic supply chain stretching from ‘resource extraction’ to ‘manufacturing’, making Japan a truly science-based country. technology and an ocean-focused nation.”

Excavators plan to lift three million tons of nodules annually starting in 2025, using modern subsea mining vessels.

The operation aims to minimize environmental impacts through measures based on previous research and ongoing research into marine ecosystems.

Professor Yasuhiro Kato of the University of Tokyo said the effort would balance economic development with marine conservation.