Japan finds deposits of rare metals near a Pacific island
A state agency responsible for natural resources has announced that rare metals such as cobalt and nickel have been successfully extracted from the seabed in Japan’s exclusive economic zone. The seabed site at a depth of approximately 900 meters is located south of the Pacific island of Minami-Torishima. On behalf of the Japanese Ministry of Economy, Trade and Industry, the company “Japan Oil, Gas and Metals National Corporation” or JOGMEC for short, unearthed approximately 650 kilograms of cobalt-bearing rock in July this year. Following exploration, JOGMEC reports that the discovered deposit has sufficient cobalt and nickel reserves for 88 and 12 years, respectively, based on Japan’s current demand.
The mining and further production of rare metals is an urgent problem for Japan, as the country is dependent on imports from China for the production of lithium-ion batteries. Cobalt and nickel are indispensable in the production of lithium-ion batteries, and the battery cells are used in electric cars and other vehicles.
Japan’s domestic industry has always been dependent on imports of these rare metals. With the advent of 5G and the increasing use of these metals in telecommunications equipment, prices are rising worldwide. It is believed that domestic mining and production of precious metals will strengthen Japanese industry and make it less dependent on imports and world market prices. The responsible ministry is currently in the process of procuring the appropriate drilling and production equipment for commercial use. If the project is successful, this would be a big step towards the production of rare metals in Japan.
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