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Recent discoveries of rare earth minerals at the bottom of the Pacific Ocean could break China’s existing monopoly on supply of the vital raw materials.
Katie Hamann reporting for Australia Network News writes that the new discoveries off the coast of Japan and in the Pacific Ocean will be a source of major interest for mining companies seeking to break the Chinese strangehold.
According to the report the new discoveries represent a rich vein of potential supply:
Among the more recent discoveries of deep-sea rare earth deposits was several thousand kilometres off the coast of Tokyo, within Japan’s exclusive economic zone.
By one estimate it could hold as much as 6.8 million tons of rare earths, which could supply Japan’s consumer electronics and hybrid car industries for more than 200 years.
Large concentrations were also found in areas of the eastern South Pacific and near Hawaii.
Any alternative sources of rare earth minerals are particularly vital at present, given the Chinese government’s recent decision to commence amassing strategic stockpiles in anticipation of future demand.
2 Comments
Guyrichie Nsoka
I would like to appeal to some investors to come to Congo and invest in rare earth elements. As an expert in metals, i would be very enthusiastic and happy to help them on their procedures and investing plans.
Prisonboy96
Finding rare earth elements isn’t quite the same as discovering a vein of gold. REE’s are only valuable once they are refined which is a multi-step chemical process. My guess is it would take 20 years before this ocean find ever comes to fruition if at all. This is really a non-event.