Japan uncovers $26.3 billion in rare earth metals near Minami-Torishima Island

Japanese scientists have discovered rare earth materials worth $26.3 billion on the seabed near Minami-Torishima Island. This find includes significant amounts of nickel, manganese, and cobalt, essential for electric vehicle batteries. The survey, conducted by the University of Tokyo and The Nippon Foundation, identified 230 million tons of manganese nodules. These deposits could meet Japan's cobalt needs for over 75 years and nickel needs for more than 11 years. The Nippon Foundation plans to begin large-scale extraction by March 2026, aiming to produce three million tons of rare earth metals annually. This discovery may help Japan reduce its reliance on imports from China and African countries.