Japan has unearthed approximately 230 million tons of vital Earth and transitional metals, anticipated to significantly boost the country’s economy.
The discovery in Japan is poised to enhance the nation’s wealth substantially.
In fact, this discovery is expected to sustain the economy for at least the coming decade. Quite a remarkable find, indeed.
Researchers from The Nippon Foundation and the University of Tokyo conducted a study that revealed a rich concentration of manganese nodules on the ocean floor near Minami-Tori-shima island.
These nodules, located 5,700 meters below sea level, were found to contain millions of metric tons of cobalt and nickel. They are believed to have formed over millions of years as metals in the ocean bonded with fish bones and settled on the seabed.
This might not sound as exciting as finding gemstones, but cobalt and nickel are critical transition metals. They are essential for manufacturing electric vehicle (EV) batteries, as well as jet engines, gas turbines, and chemical processing equipment.
How does this discovery potentially support the economy for a decade?
The survey identified around 610,000 metric tons of cobalt and 740,000 metric tons of nickel, translating to a significant financial sum.
Yasuhiro Kato, a professor of resource geology at the University of Tokyo, mentioned that excavators plan to extract ‘three million tons annually’ from these deposits starting in the new year.
The University of Tokyo released a statement highlighting the potential benefits of this discovery and the prospects for future mining.
The statement read: “Ultimately, we expect that our research outcomes will help boost Japan’s growth by establishing a domestic supply chain stretching from ‘resource-mining’ to ‘manufacturing’, and make Japan a science-technology, and ocean-oriented nation in a true sense of word.”
According to Trading Economics, at the time of writing, cobalt is valued at $24,300 per metric ton, while nickel is priced at $15,497.
With these figures, the 610,000 metric tons of cobalt could be worth $14,823,000,000, and the 740,000 tons of nickel could be valued at $11,467,780,000.
This results in an impressive total of $26,290,780,000.
While market prices may vary, this remains a highly profitable discovery.
In addition to nickel and cobalt, the find also includes copper, another valuable resource.