Japan has discovered 230 million tonnes of rare materials that could help boost the nation's economy for over a decade.
In a groundbreaking discovery that sounds like it's straight out of a Jules Verne novel, researchers have uncovered a massive deposit of precious minerals lying dormant on the ocean floor, over 1,200 miles away from Tokyo.
This find isn't just another drop in the ocean; it's a monumental cache that could redefine Japan's position in the global electric vehicle (EV) race.
A whopping 230 million metric tons of minerals critical for manufacturing EV batteries, nestled deep beneath the waves around the remote Minami-Torishima Island.
Discovered some 5,000 meters below the surface, is teeming with manganese nodules rich in cobalt and nickel—key ingredients in today’s battery technology.
The incredible find comes as the world shifts gears towards more sustainable modes of transportation. Cobalt and nickel are the linchpins in this transformative era, and Japan might just have secured its supply for the foreseeable future.
Per Business Insider, The Nippon Foundation and researchers from the University of Tokyo believe this newly found deposit could single-handedly supply Japan with cobalt for an astonishing 75 years and nickel for over a decade of production, according to the Japan Times.
The discovery was first reported by Nikkei after researchers - employing sophisticated mining equipment and remote-controlled submarines - explored the seabed.
And the overall numbers are staggering: the site boasts approximately 610,000 metric tons of cobalt and 740,000 metric tons of nickel.
Now, let's crunch the numbers...
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.
As Japan - a titan in the automotive industry - lags slightly in the electric vehicle market behind giants like BYD and Tesla, this discovery could be the boost it needs.
In 2023, electric cars made up only 2.2% of new passenger car sales in Japan, a stark contrast to China’s 25%, BI reports. But with these newfound reserves, the Japan might soon be racing ahead.
However, the road to recovering these underwater riches will not be without its challenges.
Set to commence in 2025, deep-sea mining is an expensive, technically demanding, and controversial endeavor. Similar initiatives, like those proposed by Norway, have sparked significant environmental concerns.
The World Resources Institute has voiced concerns about the potential damage to local sea life, knock-on effects to fish stocks, and possible climate impacts as a result of the practice.
Yet, 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.
Moreover, the ethical implications of sourcing these metals are profound. Much of the world’s supply of such minerals currently comes from countries like Indonesia and the Democratic Republic of Congo, where mining operations have been marred by reports of worker abuse and severe safety risks. Japan’s venture into its own territorial waters could set a new standard for responsible sourcing in the battery materials market.
As the global community watches on, Japan's deep-sea venture might not just be a leap towards energy independence but a giant dive towards a more sustainable and ethical future in technology and transportation.
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