Osaka Bay Mining today announced that it has acquired a rare earth seabed project in Tonga with a potential of 700 million wet tonnes of polymetallic nodules.
Online PR News – 23-April-2021 – OSAKA – Osaka Bay Mining’s Tonga acquisition of the exploration area will engineer an ultra-deepwater drill ship for conversion of the rare earth minerals to polymetallic nodules, making Osaka Bay Mining a front-runner in a new industry that promises to reshape how critical battery metals are processed.
Osaka Bay Mining’s Chief Geologist, Mr. Douglas McMahon commented on the newly acquires Tonga project site saying “The renewable energy storage market will require hundreds of millions of tonnes of copper, nickel, cobalt and manganese and our industry analysts and have raised concerns over availability as well as environmental and costs of producing these metals.”
“Currently, there is a significant shortage in copper, nickel and cobalt and this potential rare earth project site has the potential to produce over 700 million wet tonnes in the next few years. Our analysts have determined that the seabed contains significant known deposits of copper, nickel, cobalt and manganese. We strongly believe that now more than ever, the world needs to work together to find solutions to address climate change and Tonga seabed project will enable us to produce more critical mineral resources and shift away from fossil fuels,” added Douglas McMahon, Chief Geologist of Osaka Bay Mining.
About Us - Osaka Bay Mining
Osaka Bay Mining is dedicated to exploring undersea locations for rare earth metal concentrations and developing the mining infrastructure required to capitalize upon this multi-billion dollar market. We focus our operations in a variety of locations throughout the East China Sea and the Philippine Sea, and the wider Pacific Ocean.
Worldwide production of rare earth metals exceeds 130,000 tons. In terms of consumption, Japan is the 2nd largest consumer of rare earth metals, with approximately 25% of global consumption, driven by its electronics, scientific and advanced manufacturing industries. The Japanese Ministry for Economy, Trade and Industry’s (METI) Agency for Natural Resources & Energy have implemented several policies with the aim of creating a conducive business environment for developing production of rare earth metals in the Japan.
Osaka Bay Mining’s exploration locations are within 200km of the coast of the islands of Japan, including Kiisuido Strait and Harima-nada Sea, and Osaka Bay itself (the Osaka Bay Complex), in the East China Sea and the Philippine Sea, and the wider Pacific Ocean, including the Okinawa Through. Following our initial exploration of over 200 sites, we estimate that in excess of 80 billion tons of rare earth metals are deposited in the sediment on the floor of the Pacific Ocean.