Published 7 July 2011 [5mins read]
Undersea clusters of rare earths off the coast of Okinawa // Source: so-net.ne.jp
A new discovery by Japanese researchers could break China’s stranglehold over rare Earth metals.
Japanese geologists say they have found large deposits of rare Earth minerals on the floor of the Pacific Ocean. It is estimated that the mud of the Pacific Ocean contains 100 billion tons of rare Earth elements.
If geologists are able to mine for the minerals in a cost effective way, analysts believe this discovery could undermine China’s dominance. Currently, 97 percent of rare Earth metals are produced in China, but in recent years the country has imposed strict quotas and limited exports disrupting the global supply chain.
Yasuhiro Kato, an associate professor of earth science at the University of Tokyo and the leader of the team thatdiscovered the rare earth stores, said, “The deposits have a heavy concentration of rare earths. Just one square kilometer (0.4 square mile) of deposits will be able to provide one-fifth of the current global annual consumption.” Read full article
