Japan Government Plans 10-Year Development for Submarine Deposits

Advisory Committee on Energy & Natural Resources, which is an advisory panel of Ministry of Economy, Trade & Industry, held a sectional meeting for mining industry on Friday and confirmed an outline of governmental development plan for submarine hydrothermal deposits. The plan aims mineralization of base metals, precious metals and rare metals stored in submarine hydrothermal deposits, including Japanese exclusive economic zone. The research and development will be implemented by 2 phases for 10 years to fiscal 2017.

The first phase of the governmental development is for fiscal 2008-2012 (-March 2013) and the second phase is for 2013-2017 (-March 2018). The research will be advanced along basic 4 themes, which are mineral reserve evaluation, environmental impact assessment, technology development for mineral mining and smelting. There will be interim assessments during each 5-year phase. A pre feasibility study is scheduled at the end of fiscal 2012 before starting full study of the second phase.

The sectional meeting on Friday obtained discussions about economic efficiency of mining and smelting nonferrous metals from submarine hydrothermal deposits, including marine transporting costs. The advisory committee pointed out the necessity to evaluate mineral reserve volume and environmental cost. Mineral reserve volume will be researched by a vessel owned by Japan Oil, Gas & Metals National Corporation.