Japan Plans 'World First' Deep-sea Mineral Extraction

The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File
The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File
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Japan Plans 'World First' Deep-sea Mineral Extraction

The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File
The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File

Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest trial of its kind, the director of a government innovation program said Thursday.

Earlier this week the country pledged to work with the United States, India and Australia to ensure a stable supply of critical minerals, as concern grows over China's dominance in resources vital to new technologies.

Rare earths -- 17 metals difficult to extract from the Earth's crust -- are used in everything from electric vehicles to hard drives, wind turbines and missiles.

China accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency.

A Japanese deep-sea scientific drilling boat called the Chikyu will from January conduct a "test cruise" to retrieve ocean floor sediments that contain rare earth elements, said Shoichi Ishii, director of Japan's Cross-ministerial Strategic Innovation Promotion Program.

"The test to retrieve the sediments from 5,500 meters (3.4 miles) water depth is the first in the world," he told AFP.

"Our goal... of this cruise is to test the function of all mining equipment," so the amount of sediment extracted "doesn't matter at all", Ishii added.

The Chikyu will drill in Japanese economic waters around the remote island of Minami Torishima in the Pacific -- the easternmost point of Japan, also used as a military base.

Japan's Nikkei business daily reported that the mission aims to extract 35 tons of mud from the sea floor over around three weeks.

Each ton is expected to contain around two kilograms (4.4 pounds) of rare earth minerals, which are often used to make magnets that are essential in modern electronics.

Deep-sea mining has become a geopolitical flashpoint, with anxiety growing over a push by US President Donald Trump to fast-track the practice in international waters.

Beijing has since April required licenses to export rare earths from China, a move seen as retaliation for US curbs on the import of Chinese goods.

Environmental campaigners warn that deep-sea mining threatens marine ecosystems and will disrupt the sea floor.

The International Seabed Authority, which has jurisdiction over the ocean floor outside national waters, is meeting later this month to discuss a global code to regulate mining in the ocean depths.



IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
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IMF Eyes Revised Global Forecast, but Warns Trade Tensions Still Cloud Outlook

A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.
A hazy view of the skyline in Toronto, Ontario, Canada, July 14, 2025. REUTERS/Carlos Osorio.

The International Monetary Fund warned on Friday that risks related to trade tensions continue to cloud the global economic outlook and uncertainty remains high despite some increased trade and improved financial conditions.

IMF First Deputy Managing Director Gita Gopinath said the fund would update its global forecast later in July given "front-loading ahead of tariff increases and some trade diversion," along with improved financial conditions and signs of continued declines in inflation.

In April the IMF slashed its growth forecasts for the United States, China and most countries, citing the impact of US tariffs on imports now at 100-year highs and warning that rising trade tensions would further slow growth.

At the time, it cut its forecast for global growth by 0.5 percentage points to 2.8% for 2025, and by 0.3 percentage points to 3%. Economists expect a slight upward revision when the IMF releases an updated forecast in late July.

According to Reuters, Gopinath told finance officials from the Group of 20 major economies who met this week in South Africa that trade tensions continued to complicate the economic outlook.

"While we will update our global forecast at the end of July, downside risks continue to dominate the outlook and uncertainty remains high," she said, in a text of her remarks.

She urged countries to resolve trade tensions and implement policy changes to address underlying domestic imbalances, including scaling back fiscal outlays and putting debt on a sustainable path.

Gopinath also underscored the need for monetary policy officials to carefully calibrate their decisions to specific circumstances in their countries, and stressed the need to protect central bank independence. This was a key theme in the G20 communique released by finance officials.

Gopinath said capital flows to emerging markets and developing economies remained sluggish, but resilient, in the face of increased policy uncertainty and market volatility. For many borrowers, financing conditions remained tight.

For countries with unsustainable debt, proactive moves were essential, Gopinath said, repeating the IMF's call for timely and efficient debt restructuring mechanisms.

More work was needed on that issue, including allowing middle-income countries to access the G20's Common Framework for Debt Restructuring, she said.