Enormous amounts of rare earth deposits were discovered about 1,243 miles southeast of Tokyo. Japanese researchers that made the discovery announced that the amount is enough to supply Japan with minerals for 230 years, Upi.com reports.
The group headed by University of Tokyo Professor Yasuhiro Kato , an expert in earth resources, said: “An estimated 6.8 million tons of rare earth minerals, including dysprosium, exist in the mud in the deposit, which is within Japan’s exclusive economic zone.”
Tokyo-based Mitsui Ocean Development & Engineering Co., a company that specializes in deep-sea oil exploration, will assist the group of researchers with surveys of the area.
Professor Kato stated: “When people hear about developing resources they tend to immediately assume it will come with high costs. But, in fact, the cost of developing it is comparable to how much it costs to import rare earths now”.
The professor added that more detailed survey is needed and also new technology for commercial development needs to be constructed.
[mappress] Subsea World News Staff , July 05, 2012