In February this year, Japan announced that during a testing mission, they successfully collected seabed silt containing rare earths from a depth of about 6 kilometers.
According to a report by Reuters on July 4th, the person in charge of the government-backed project said Friday that Japan will start experimental mining of rare earth-containing mud in the deep sea near Nantou Island next January.
A study published by a team from the University of Tokyo in 2018 estimated that there are 16 million tons of rare earth mineral deposits in this region.
According to official industry data in Japan, the consumption of rare earths in Japan was 17,400 tons in 2020. Reports by Da Gong Network indicate that the consumption of rare earths in Japan was 16,400 tons in 2023.
Some Japanese media have estimated that, based on an average annual consumption of 20,000 tons, the rare earth reserves near Nantou Island could sustain Japan's consumption for 800 years.
However, Japan's mining capabilities and costs are not as optimistic as expected.
Professor Okaye Tetsuro from Tokyo University of Japan stated that this is the first step in the research. If we attempt domestic production of rare earth elements, it is estimated to take at least ten years and more.”
Image source: Screenshot of Japanese media video
According to Yoshikyo Shima, a researcher at the First Life Research Institute in Japan, due to China's “abysmally low” refining costs, Japan is currently unable to compete with China. China has established integrated facilities from mining to refining, and currently accounts for about 70% of the world's supply of rare earth ores, as well as more than 90% of the global refined production market share.
Isahi Yoshikazu estimated that the cost of mining rare earths in Japan is about 11 million yen per ton, which is approximately 20 times more than in China.
