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Huge rare earth deposits found in Pacific: report
Vast deposits of rare earth minerals have been discovered on the seabed of the Pacific Ocean amounting to 1,000 times those on land, media reported on Monday citing a study by Japanese researchers.The deposits are estimated to amount to 100 billion metric tons, the Nikkei business daily said. They are believed to lie at a depth of 3,500 to 6,000 meters and cover an area of over 11 million square meters, the reports said. 11 million square meters is 2700 acres. Extremely compact. China, which produces 97 percent of global rare earth supplies, has been tightening trade in the strategic metal, which is used in high-tech electronics, magnets and batteries, causing concerns globally about supply and triggering jumps in prices. China declares Pacific Ocean their exclusive territorial waters. Posted by: Eohippus Phater7165 2011-07-04 |
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