Rare Earth Exchanges

Japan’s Minami-Tori-shima Set for Extraction of £26 billion Worth of Rare Earth Metals

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Highlights

  • Discovery: Japanese scientists discovered 230 million tons of manganese nodules.
  • Contents: The nodules contain 740,000 metric tons of nickel and 610,000 metric tons of cobalt.
  • Depth: The nodules were found at 5,700 meters deep.
  • Cobalt Supply: The mineral deposits could meet Japan’s cobalt needs for over 75 years.
  • Nickel Supply: They could meet Japan’s nickel needs for 11 years.
  • Extraction Plan: There are plans to extract 3 million tons annually by 2026.
  • Importance: These underwater mineral resources are critical for battery technology.
  • Demand Increase: There is an expected 400-600% demand increase in coming decades for the electric vehicle and tech industries.

According to IndexBox, Japan’s is now the world’s top importer (opens in a new tab) of at least select (opens in a new tab).) rare earth elements. Total import value for 2023 in that nation was $334 million, and these metals are key to its electronics and automotive parts industries. On November 21, the UK’s Express updated us (opens in a new tab) on recent rare mineral discoveries in Japan. After a survey by The Nippon Foundation and the University of Tokyo, about £26 billion worth of metals were found underwater near Minami-Tori-Shima Island, 1,200 miles southeast of Tokyo. Specifically, scientists found a “dense field of manganese nodules” about 5,700 meters under the seabed. The nodules contain about 740,000 metric tons of nickel and 610,000 metric tons of cobalt; both are key elements in technology, such as electric vehicle batteries, gas turbines, and jet engines. Per the Express, these nodules likely were created over several million years, “with metals from ocean currents attaching to fish bones and accumulating on the seabed.” Now, using hi-tech underwater mining vessels, plans are afoot to recover three million tons of nodules per year starting with 2025.

Seabeds up to 5,700 meters deep

Back in July of this year, The Nippon Foundation issued a press release (opens in a new tab) about the Minami-Tori-shima deposits. They noted that the cobalt and nickel are located in Japan’s EEZ or exclusive economic zone. According to this release, experts examined more than 100 seabed sites off the island between April 24 and June 9. Using underwater mining gear along with a remote-controlled vehicle, the seabed at depths between 5,200 and 5,700 meters. The research group “confirmed the presence of a dense field of about 230 million tons of easily extractable manganese deposits in the form of fist-sized nodules spread over an area of approximately 10,000 square kilometers.” And the Foundation approximates that these deposits contain enough cobalt to meet Japan’s needs for over 75 years, along with 11 years worth of nickel.

Joint venture in the works

As alluded to above, these valuable nodules formed when iron and manganese oxides in seawater were deposited on a stone or shark tooth. They also contain copper. Some of the nodules “formed around the teeth of the megalodon, a prehistoric shark known to be one of the largest ever to have lived on Earth.” Nippon offers that it plans to start extraction at a large-scale by March 2026 with a goal of “harvesting thousands of tons per day with an eye on securing 3 million tons a year.” The Foundation expects to enter a joint venture with several Japanese companies in order to commercialize these minerals. The University of Tokyo will stay on the project “from an academic perspective” via doing in-depth analysis of the extracted materials.

Currently Japan dependent on imports

Nickel, cobalt, and manganese are all important inputs for lithium-ion batteries, computers, and smartphones. Yet Nippon notesthat both production and smelting of these metals is now controlled by China and African nations, “and Japan is almost entirely dependent on imports for these resources.” In the words of Nippon, “The discovery of vast cobalt, nickel, and manganese reserves could raise hopes that will soon change.” Preliminary analyses conducted suggest that these Minami-Tori-shima discoveries will be commercially viable.

Expected 400% to 600% in demand

One professor on the project offered that, “These resources are crucial for economic security. We aim to lift 3 million tons annually, proceeding with development while minimizing the impact on the marine environment.” Per a White House paper, a surge in demand for both nickel and cobalt is expected in the next decades, and “demand for these metals will increase by 400% to 600% as battery-powered technology replaces oil and gas-powered systems.”

What is Minami-Tori-shima?

 Per Wikipedia, this island’s name (opens in a new tab) means “Southern Bird Island,” and it is an isolated coral atoll in the northwestern Pacific Ocean. It is Japan’s most eastern territory on the Pacific Plate. Its existence allows Japan to stake a 165,589.6 sq mi “exclusive economic zone” in the ocean surrounding. Despite its distance, it is a territory of Tokyo. The only civilians residing on this island are from the “Japan Meteorological Agency, Japan Self-Defense Forces, and Japan Coast Guard serving temporary tours of duty on the island.” Researchers, filmmakers, and reporters are, at times, able to get entry permits to visit this remote location.

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