A team of researchers has explored more than 100 areas of seabed and reached depths of up to 2,500 meters. One of the most striking results of this expedition is that it is estimated that around 10,000 square kilometers contain approximately 230 million tons of minerals with high concentrations of manganese, nickel and cobalt. This is an unimaginable treasure under the sea, waiting to be exploited.
The natural treasure that would change the game completely
These elements are essential for lithium-ion batteries, used for smartphones, the aerospace industry, electric cars and other modern technologies. This is highlighted by the information provided by the Greek portal News Bomb, in charge of disseminating this great news.
The potential value of these deposits is approximately 24.8 billion euros. As we said, it is a natural treasure that could completely change the economy of the industries. Moreover, the discovered cobalt and nickel reserves could meet Japan’s demand for 75 and 11 years, respectively.
Current market demand
At present, the global markets for these components are largely dependent on China. Therefore, once Japan initiates systematic mining, not only would its economy benefit, but it could also significantly alter the global distribution of rare metals.
Experts predict that the demand for rare earths and other key materials for battery production could increase considerably. The transition to electric and away from fossil fuels opens up new opportunities. Companies such as Tesla have already demonstrated that electric vehicles can be a lucrative industry. Japan is therefore looking to strengthen its position in this sector with its recent breakthrough.
Three million tons per year
Despite the enormous value of the deposits, Japan plans to proceed with caution. According to Professor Yasuhiro Kato of the University of Tokyo, about three million tons of raw materials are expected to be extracted annually. Such a careful approach aims to minimize negative impacts on the marine ecosystem. This would avoid catastrophic risks that have arisen in other parts of the world due to hasty and ecologically unconsidered drilling.
China’s full dominance
China is the current market leader with respect to rare metals. In 2019, it secured a contract to explore for polymetallic nodules rich in manganese, cobalt, nickel, and copper. The protagonist of this expedition was the Dayang Hao, one of the most advanced deepwater vessels in that country.
China already holds five of the 30 exploration licenses that the International Seabed Authority (ISA) has granted to date. It is also preparing to start deepwater mining in 2025. When this happens, this country will have exclusive rights to excavate 92,000 square miles of international seabed. It will therefore have access to natural treasures that lie beneath the sea valued at millions of dollars.
Once it begins deepwater mining in China, which already controls 95% of the world’s supply of rare earth metals and produces three-quarters of all lithium-ion batteries, it will expand its control over the industry. Therefore, the natural treasure that Japan found under the sea is very important, as it would take away the complete stranglehold that the Chinese government has on these natural resources.
What is remarkable about China’s situation is that, with this new mining project that will start in 2025, it will be able to compete against the United States. It could mean the acquisition of a powerful tool to increase their rivalry. Let us recall that in August, China decided to restrict exports of two key metals for U.S. defense systems.
