Japan looks to the ocean in its quest for minerals
With more than 50m tonnes of ore estimated in Japanese waters, Tokyo wants to ease dependence on imports
Tokyo
AS deep as 1,600 metres under water and 1,500 kilometres from Tokyo, work has begun on the new hunting ground for metals in Japan, a country so devoid of natural resources that most of what it needs is imported.
As the island nation depleted most of its land-based minerals in the economic boom that followed World War II, scientists have identified swathes of the sea floor littered with nuggets containing everything from copper to gold left over from the volcanic activity that created the archipelago millions of years ago. The trick is extracting them at a profit, something a government consortium will start testing next year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Anglo rejects BHP takeover bid as significantly undervalued
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion