Rare earth minerals are vital to the production of smartphones, cameras, steel and hybrid cars, making the WTO ruling a significant victory for the US, EU, and Japan.
Deep sea mining advocates in Bermuda say the island’s Exclusive Economic Zone’s sea floor is rich in rare earth elements — so rich that at today’s prices the value of some substances could reach into the billions of dollars.
Nick Hutchings, who has been exploring Bermuda’s waters for mineral resources for more than a decade, explained: “The rare earth elements are in polymetalic nodules on the ocean floor at between 4,000 to 5,000 meters, and cobalt crusts on the seamounts at between 800 and 2,400 meters.
“What is very important is that China controls rare earth elements, and that they are critical for western technology and defence.
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