How Japan’s $26,290,780,000 discovery will support its economy for the next decade

Japan's remarkable $26,290,780,000 discovery could significantly boost the nation's economy.

Japan has made an incredible discovery under the ocean and it will help boost the country's economy. Credit: CHUNYIP WONG / Getty

As reported by the Nippon Foundation, researchers found manganese nodules on the seabed of Minami-Tori-shima island.

These nodules were unearthed 5,700 meters below sea level and contained millions of metric tons of cobalt and nickel.

The spheres of mineral wealth, which scientists believe were formed over millions of years from metals connecting with fish bones and other seabed remains, could place the country at the forefront of global resource mining.

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

Cobalt and nickel are the key components in the manufacturing of electric vehicle (EV) batteries and are also pivotal in producing high-tech products, jet engines, gas turbines, and various chemical processing components.

So, the question is: How will Japan use this discovery to sustain its economy for the next decade?

Well, the Nippon Foundation reported that researchers discovered around 610,000 metric tons of cobalt and 740,000 metric tons of nickel.

As of this writing, cobalt is worth $24,080.36 USD per metric ton, putting this find at $14,689,019,600. Meanwhile, Nickel is worth $16,167.68 USD per metric ton, adding a further $11,964,083,200.

Therefore, if Japan were to sell the entire estimated find it would raise just over an eyewatering $26 billion, giving the nation the boost they need to not only support its economy in the next decade but also take charge in the electric vehicle market.

The discovery equates to billions and could allow the nation to be at the forefront of the electric vehicle market. Credit: The Nippon Foundation

Yasuhiro Kato, a professor specializing in resource geology at the University of Tokyo, announced that there are plans to lift "three million tons annually" from the deposits and this will get started in the new year.

The team aims to extract several thousand tons of nodules daily, using specialized overseas mining vessels. Professor Kato highlighted that the procedure is "crucial for economic security," and would allow for further discovery with "minimal impact on the marine environment".

Per Interesting Engineering, a press release from the University of Tokyo noted the significant benefits of this find and future mining endeavors.

"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," the release read.

Featured image credit: Yongyuan / Getty