Japan discover rare earth metals in ocean mud

Vast reserves of rare earth metals that can be mined cheaply have been found in deep-sea mud on the Pacific ocean seabed. These essential metals are needed for a wide range of technologies from consumer electronics like smartphones and TVs to advanced weapons systems and hybrid and electric vehicles.

While last weekend's undersea discovery will be well-received inToky. It's unlikely to have any big repercussions in the near term, short of forcing China to keep its prices low.

China claims it holds less than a third of global rare earth reserves despite providing more than 90 per cent of the world's supply.

Tags: neodymium magnets Japan, rare earth metals,ocean mud Smco magnets