Date for Japan's $26,653,102,800 economic boom revealed following 230 million tonne discovery

A date has been set for a groundbreaking deep-sea mining initiative could deliver a massive $26.6 billion boost to Japan’s economy, thanks to the discovery of a vast field of minerals critical to the production of electric vehicle (EV) batteries.

Manganese nodules found on the sea bed. Credit: The Nippon Foundation

As previously reported, The Nippon Foundation and the University of Tokyo uncovered a dense field of manganese nodules on the seabed near Minami-Tori-shima island, approximately 1,200 miles from Tokyo.

Situated 5,700 meters below sea level, the field contains an estimated 610,000 metric tons of cobalt and 740,000 metric tons of nickel—both vital components in EV battery manufacturing.

A Fortune on the Seabed

As of this writing, cobalt is worth $24,080.36 USD per metric ton, putting this find at $14,689,019,600. Nickel is worth $16,167.68 USD per metric ton, adding a further $11,964,083,200. (Spot prices found using YCharts, of course, these numbers can fluctuate over time.)

Combined that is a total of $26,653,102,800 worth of material found.

The Nippon Foundation announced plans to begin large-scale extraction by the end of fiscal year 2025, with the University of Tokyo leading material analysis efforts.

From 2026, a joint venture involving multiple Japanese companies will be established to commercialize the resources as domestically produced materials.

The discovery equates to billions. Credit: The Nippon Foundation

“The potential economic benefits are monumental,” a statement from the foundation highlighted.

Environmental Concerns Loom

Despite the economic promise, environmental experts are raising alarms about the potential consequences of deep-sea mining.

Research led by Travis Washburn, a Geological Survey of Japan scientist, revealed alarming ecological impacts. The study found that marine life populations in and around test mining areas plummeted, with fish and shrimp numbers decreasing by 43 percent within a year of operations.

“These results suggest the impact of deep-sea mining could be even bigger than we think,” Washburn cautioned.

Marine biodiversity advocates also voiced concerns. Sophie Benbow - the director of a marine program at the conservation charity Fauna & Flora - told the BBC: “There is so much we could learn from ocean biodiversity.

"Medical advances and new technologies could be deciphered from the study of deep-sea species, but they could be wiped out before we even know they exist if deep-seabed mining is to go ahead prematurely.”

A Test for the Future

Experts believe this project could serve as a critical test case for balancing economic benefits with environmental stewardship.

“Extraction will not be simple,” Colin Hamilton - a BMO analyst specializing in materials and energy transitions - wrote in a brief on Tuesday, per Mining.com. “We see this as a potential test case for the benefits versus disadvantages of deep-sea mining of materials relating to the global fuel-to-materials transition.”

Japan's economy is set for a boost. Credit: yongyuan / Getty

But some may say that the reward outweighs the risk, as global demand for nickel and cobalt is projected to soar by 400 to 600% in the coming decades, according to a White House report.

As Japan prepares to tap into this underwater treasure trove, questions remain about the cost — both financial and environmental — of extracting these crucial minerals from the ocean depths.

Featured image credit: The Nippon Foundation