Japan uncovers $26 billion manganese and mineral deposits near Minami-Torishima Island

Japanese researchers have discovered 230 million tons of manganese deposits on the ocean floor near Minami-Torishima Island. This find includes significant amounts of nickel and cobalt, essential for electric vehicle batteries and smartphones, potentially reducing Japan's reliance on China. The underwater survey revealed 740,000 metric tons of nickel and 610,000 metric tons of cobalt, enough to meet Japan's demand for 11 and 75 years, respectively. The total value of the discovery is estimated at $26.6 billion. The Nippon Foundation plans to start large-scale extraction by the end of fiscal year 2025. A joint venture with Japanese companies is expected to commercialize these minerals starting in 2026.