Japan Discovers 200 Million Tons Of Rare Earth Metals Near Remote Island, Expects Mining To Begin 2026

Japanese researchers uncovered over 200 million tons of rare earth metals in the seabed near the remote island of Minamitorishima.

What Happened: The team, comprised of experts from the University of Tokyo and the Nippon Foundation, revealed that depths of about 5,500 meters contain substantial amounts of cobalt, nickel, copper, and manganese.

See Also: EXCLUSIVE – Volt Lithium CEO Touts $6B ‘Cash Flow Opportunity’

The area surrounding Minamitorishima is within Japan's exclusive economic zone. It has been under observation since 2016.

A detailed survey did not commence until April 2023. The in-depth exploration, which continued until early June 2024, confirmed the extensive presence of these metals.

There are about 610,000 tons of cobalt and 740,000 tons of nickel, according to The Japan Times.

Why It Matters: Nickel, copper, cobalt and manganese are essential for producing lithium-ion batteries for electric vehicles (EVs) and other advanced technologies.

“These resources are crucial for economic security,” Yasuhiro Kato, a key researcher involved in the project, stated.

These resources are also enough to meet Japan’s cobalt needs for 75 years and nickel requirements for 11 years based on estimated reserves, Kato explained. This domestic source significantly reduces reliance on imports and strengthens Japan’s position in the global EV market.

The deep-sea nodules formed when iron and manganese oxides dissolved in seawater precipitate around small objects on the seabed.

Environmental concerns surrounding deep-sea mining add another layer of complexity. After all, deep-sea mining remains vaguely regulated and has an unclear impact on the environment.

What’s Next: The International Seabed Authority is currently developing regulations for deep-sea mining activity and aims to complete them by 2025.

The Nippon Foundation aims to form a consortium with Japanese companies to begin commercial production by 2026. The foundation's experimental project targets the extraction of 2,500 tons of mineral resources daily by the end of March 2026.

Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get started!

Now Read: BHP Group Anticipates Uptick In 2024 Carbon Emissions, Remains Committed To 30% Reduction By 2030

Image: Pixabay