The largest deposit of rare earth metals have been found underneath the Pacific Ocean. Its presence could eventually break China’s grip on inventories which have worried industrialists worldwide.
The Nikkei writes: Deep in the seabed of the Pacific Ocean, Japanese researchers have uncovered areas believed to hold rare-earth-metal deposits 1,000 times as large as those on land.
China is believed to own well over three quarters of all rare earth deposits.
The latest US Department Of Energy Critical Materials Strategy paper released in December said that the department was concerned that China’s lock on rare earths could continue for a decade and a half which would raise prices and cause shortages.
The DOE’s only hopeful comment was that rare earth alternatives might be developed for industrial use.
Now, it looks like the Chinese monopoly may end
Douglas A. McIntyre
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