In a groundbreaking discovery, Japanese scientists have unearthed a vast trove of rare earth materials valued at a staggering $26.29 billion, potentially securing the nation's economic future for the next decade.
The University of Tokyo and The Nippon Foundation, a non-profit organization, jointly conducted a survey of the seabed surrounding Minami-Torishima Island. This remote island, located in the Pacific Ocean, yielded a treasure trove of nickel, manganese, and cobalt – critical components for electric vehicle batteries.
The survey, conducted from April 24 to June 9, 2024, uncovered 230 million tons of manganese nodules, each roughly the size of a fist. These nodules, formed over millions of years, contain approximately 610,000 tons of cobalt and 740,000 tons of nickel.
These reserves are substantial enough to meet Japan's cobalt demand for over 75 years and its nickel demand for more than 11 years.
Intriguingly, the researchers found many nodules encasing the teeth of megalodon, a prehistoric giant shark. This discovery offers a unique glimpse into the Earth's ancient past.
The Nippon Foundation plans to initiate large-scale experimental extraction of these valuable minerals by March 2026. The organization aims to harvest thousands of tons daily, ultimately securing three million tons annually. These extracted materials will then be supplied to Japanese companies for refinement and utilization.
Japan has made a $26,290,780,000 discovery that'll keep its economy topped up for the next decade.
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Some 230 million tons of rare Earth minerals were foundhttps://t.co/B2VpPBFxc0
By 2026, a joint venture involving multiple Japanese companies is expected to commercialize these domestically sourced rare earth metals. This strategic move will significantly reduce Japan's reliance on foreign imports, particularly from China and African nations, which currently dominate the global market.
Professor Yasuhiro Kato of the University of Tokyo emphasized the crucial role of these resources in ensuring Japan's economic security. This monumental discovery marks a significant milestone for Japan, positioning the nation as a key player in the global supply chain of critical minerals.
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