Reason why Japan won't sell their $26,290,780,000 discovery of rare mineral
Japanese researchers discovered the jackpot when they found a rare Earth mineral, but they won't be selling it.
Even in 2024, the world is still filled with amazing discoveries. Then again with humans only having mapped about 5% of the world's oceans and the planet being made up of about 70% of the blue stuff, that's hardly surprising.
Every country has its own resources that it’s known for, but over in Japan, a rare discovery has added a potential $26 billion to the economy. Funnily enough, the Land of the Rising Sun isn't keen to share.
The Nipon Foundations reports that researchers have found a rich field of manganese nodules around the Minami-Tori-shima island harbors. This mother lode of manganese nodules boasts rare metals like cobalt and nickel. Considering both are integral in the manufacturing of electric car batteries and smartphone batteries, this could mean big things for the future of Japan's technological manufacturing.
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The research group discovered 230 million tons of these manganese deposits, which are easily extractible and spread over an area of approximately 10,000 square kilometers. Early analysis suggests there are around 740,000 tons of nickel, which could meet the country’s demands for 11 years. More impressively, the estimated 610,000 tons of cobalt could see Japan through for more than 75 years.
Large-scale extraction is hoping to get underway by the end of March 2026, with thousands of tons every day potentially leading to three million tons extracted per year. The nodules will then be sent to companies that have the tech to refine them into the raw materials needed, while The Nippon Foundation hopes to join forces with 'multiple Japanese companies' to commercialize the minerals as 'domestically produced resources.'
As around 95% of the Earth's rare materials are sourced from China, the discovery in Japan is a hopeful boost to both the economy and production. Japan looks to keep hold of the manganese nodules because almost all of its rare-Earth materials are currently imported. By doing things in-house, it can save some serious money while also making dollar at the same time.
The current price for a metric ton of cobalt is $24,229, while a metric ton of nickel is $16,076. Prices obviously fluctuate, but Japan is sitting on a goldmine (well, a cobalt and nickel mine).
Despite the production and smelting of cobalt and nickel for the production of lithium-ion batteries being dominated by China and Africa, Japan could be getting in at just the right time. As the site notes, demand for these metals is expected to soar by 400% to 600% as battery-powered tech takes over traditional methods.
The Nippon Foundation head Yōhei Sasakawa said: "I am hopeful that the discovery of the manganese nodules rich in rare metals could open the way for Japan to become a major resource-rich country."
Then again, with Donald Trump trying to levy harsh tariffs on foreign imports (particularly from China) and increase production in the USA, we'll have to wait and see what Japan's future holds for its impressive haul.