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230 million tonnes of rare minerals have been found in Japan, which may support the country’s economy for more than ten years.
Researchers have discovered a huge trove of valuable minerals that is dormant on the ocean floor more than 1,200 miles from Tokyo. This is a remarkable finding that sounds like something from a Jules Verne novel.
This discovery is a huge cache that has the potential to completely change Japan’s place in the global electric vehicle (EV) race, not simply another drop in the ocean.
Tucked away under the waves at the isolated Minami-Torishima Island are an astounding 230 million metric tons of minerals that are essential for the production of EV batteries.
Rich in cobalt and nickel, two essential components of modern battery technology, manganese nodules were found 5,000 meters below the surface.
The amazing discovery coincides with a global transition to more environmentally friendly forms of transportation.
In this revolutionary age, cobalt and nickel are essential, and Japan may have just guaranteed its supply for the near future.
According to Business Insider, the Japan Times reports that the Nippon Foundation and University of Tokyo experts think.
This recently discovered deposit may provide Japan with nickel for more than ten years of production and cobalt for an incredible 75 years.
After researchers used remote-controlled submarines and advanced mining equipment to investigate the seabed, Nikkei was the first to publish the discovery.
The property has about 610,000 metric tons of cobalt and 740,000 metric tons of nickel, which are astounding totals.
Let’s now enter the numbers. Cobalt is currently valued at $24,080.36 USD per metric ton, making this discovery $14,689,019,600.
An additional $11,964,083,200 is added by the value of nickel, which is $16,167.68 USD per metric ton. (Spot prices discovered with YCharts; naturally, these figures are subject to change over time.)
All told, $26,653,102,800 worth of material was discovered. This finding may give Japan, a stalwart of the automotive industry, the push it needs as it trails industry titans like BYD and Tesla in the electric car market.
According to BI, in 2023, just 2.2% of new passenger vehicles sold in Japan were electric, compared to 25% in China.
However, Japan may soon be gaining ground thanks to these newly discovered reserves. But there will be obstacles in the way of reclaiming these submerged treasures.
Deep-sea mining is a costly, technically challenging, and contentious activity that is scheduled to start around 2025.
Significant environmental concerns have been raised by similar programs, such as those put out by Norway.
Concerns have been raised by the World Resources Institute over the practice’s probable harm to regional marine life, ripple effects on fish stocks, and potential climate repercussions.
However, given that a White House assessment projects that the need for nickel and cobalt would increase 400–600% globally over the next few decades, some could argue that the benefits exceed the risks.
Furthermore, procuring these metals has significant ethical ramifications. Currently, a large portion of the world’s supply of these minerals originates from nations like Indonesia and the Democratic Republic of the Congo.
Where mining operations have been plagued by serious safety hazards and claims of labor abuse. Japan’s foray into its own territorial seas may establish.
A new benchmark for ethical sourcing in the market for battery components. As the world looks on, Japan’s deep-sea project may represent.
A huge step toward a more ethical and sustainable future in technology and transportation, in addition to a step toward energy independence.