On November 18, 2024, scientists in Japan announced the discovery of seabed minerals valued at approximately $26.29 billion, which are expected to support the country's economy for at least the next decade. The survey, conducted by The Nippon Foundation and the University of Tokyo, identified a field of dense manganese nodules located around 1,200 miles from Tokyo, near Minami-Tori-shima island.
The manganese nodules, found at a depth of 5,700 meters, contain significant amounts of cobalt and nickel, both essential for electric vehicle (EV) batteries and other industrial applications. The survey revealed around 610,000 metric tons of cobalt and 740,000 metric tons of nickel.
Current market prices estimate cobalt at $24,300 per metric ton and nickel at $15,497 per metric ton, leading to a total value of $14.82 billion for cobalt and $11.47 billion for nickel. The total estimated value of the minerals discovered stands at $26.29 billion.
Between April and May 2024, approximately 230 million tons of these minerals were identified through the use of remotely operated underwater vehicles across 100 seabed sites. The deposits may also contain copper, adding further potential value.
Yasuhiro Kato, a professor at the University of Tokyo, stated that plans are in place to extract three million tons of these nodules annually, starting in 2025, while minimizing environmental impact. This initiative aims to establish a domestic supply chain for resource mining and manufacturing, reducing Japan's dependency on foreign sources for EV battery materials.