Japan’s incredible $26,653,102,800 discovery that’s expected to support the country’s economy for the next decade
Japan made an incredible discovery under the ocean. Credit: yongyuan / Getty
In a groundbreaking discovery that sounds like it’s straight out of a Jules Verne novel, researchers have uncovered a massive deposit of precious minerals lying dormant on the ocean floor, over 1,200 miles away from Tokyo.
A whopping 230 million metric tons of minerals critical for manufacturing EV batteries, nestled deep beneath the waves around the remote Minami-Torishima Island.
Manganese nodules found on the sea bed. Credit: The Nippon Foundation
Discovered some 5,000 meters below the surface, is teeming with manganese nodules rich in cobalt and nickel—key ingredients in today’s battery technology.
The discovery is equates to billions. Credit: The Nippon Foundation
Per Business Insider, The Nippon Foundation and researchers from the University of Tokyo believe this newly found deposit could single-handedly supply Japan with cobalt for an astonishing 75 years and nickel for over a decade of production, according to the Japan Times.
The discovery was first reported by Nikkei after researchers – employing sophisticated mining equipment and remote-controlled submarines – explored the seabed.
Now, let’s crunch the numbers…
As of this writing, cobalt is worth $24,080.36 USD per metric ton, putting this find at $14,689,019,600.
Nickel is worth $16,167.68 USD per metric ton, adding a further $11,964,083,200. (Spot prices found using YCharts, of course, these numbers can fluctuate over time.)
As Japan – a titan in the automotive industry – lags slightly in the electric vehicle market behind giants like BYD and Tesla, this discovery could be the boost it needs.
In 2023, electric cars made up only 2.2% of new passenger car sales in Japan, a stark contrast to China’s 25%, BI reports. But with these newfound reserves, the Japan might soon be racing ahead.
However, the road to recovering these underwater riches will not be without its challenges.
The World Resources Institute has voiced concerns about the potential damage to local sea life, knock-on effects to fish stocks, and possible climate impacts as a result of the practice.
Yet, some may say that the reward outweighs the risk, as global demand for nickel and cobalt is projected to soar by 400 to 600% in the coming decades, according to a White House report.
Moreover, the ethical implications of sourcing these metals are profound. Much of the world’s supply of such minerals currently comes from countries like Indonesia and the Democratic Republic of Congo, where mining operations have been marred by reports of worker abuse and severe safety risks. Japan’s venture into its own territorial waters could set a new standard for responsible sourcing in the battery materials market.
