Japan finds rare earth trove

INA game changing discovery, "semi-infinite" stores of rare earth minerals, crucial in the making of leading-edge technologies like smartphones, radar devices and hybrid vehicles, have been found stashed in deep sea sediments near Japan's Minamitori Island. A study published in Nature Publishing Group's Scientific Reports says the reserve holds 16 million tonnes of rare earths, sufficient to meet the world's needs for hundreds of years. The discovery is significant given the current supply and demand of rare earth metals. While the minerals are abundant, they are rarely available in exploitable ore forms. The discovery could thus end the monopoly of China, which controls about 95 per cent of the rare earths production. Japan, the second largest consumer, started looking for its own reserves after China held back shipments in 2010 following a territorial dispute. However, there is a long way to go before the resources can be extracted and used because extraction of the minerals from the depth of 6,000 metres is likely to pose challenges for resource-poor Japan.