Japan has discovered a massive underwater treasure trove of  rare minerals valued at approximately £20 billion.

This is a promising change that could reshape its economy and reduce reliance on foreign imports.

The findings were made near Minami-Tori-shima Island, about 1,200 miles southeast of Tokyo, in a survey conducted by The Nippon Foundation and the University of Tokyo.

Scientists identified a dense field of manganese nodules located 5,700 meters below the seabed.

These nodules contain an estimated 610,000 metric tons of cobalt and 740,000 metric tons of nickel—two critical elements for electric vehicle (EV) batteries and advanced technologies such as jet engines and gas turbines. 

The combined value at current market prices of the amount of quantities of cobalt and nickel found is $26.3 billion (£20.8bn), with potential to increase as demand rises. This calculation is based on market figures from Trading Economics on the metric ton values of these minerals. 

The nodules are believed to have formed over millions of years, with metals from ocean currents attaching to fish bones and accumulating on the seabed.

The deposits may also contain copper and other valuable elements, further boosting their economic significance.

Japan’s reliance on imports for key minerals has long been a vulnerability for its economy.

This discovery could establish a self-sustaining domestic supply chain, particularly for EV battery production, a cornerstone of the nation’s energy transition and carbon neutrality goals.

A press release from the University of Tokyo emphasised the broader implications, as it said: “Our research outcomes will help boost Japan’s growth by establishing a domestic supply chain stretching from ‘resource-mining’ to ‘manufacturing,’ making Japan a true science-technology, and ocean-oriented nation.”

Excavators plan to lift three million tons of nodules annually, starting in 2025, using advanced underwater mining vessels.

The operation aims to minimise environmental impact, with measures informed by prior surveys and ongoing research into marine ecosystems.

Professor Yasuhiro Kato of the University of Tokyo said that these efforts would balance economic development with marine conservation.