r'lyeh mined?

Telegraph | Scientists have hailed a giant discovery that could end China's grasp on 97pc of the world's rare earth minerals - but unfortunately the vast new deposits are at the bottom of the Pacific Ocean. Explorers from Japan claim to have found more than 100bn tonnes of rare earth minerals, which are used in the manufacture of electronic goods like hybrid cars and flat-screen televisions.

The sought-after deposits could spark a battle between Japan, Hawaii and Tahiti, which are near to where the minerals have been located.

Although in the middle of international water, the Japanese scientists claim the minerals can be easily extracted, having pinpointed their presence in sea mud across 78 locations up to 20,000 feet under the sea.

Yasuhiro Kato, an associate professor of earth science at the University of Tokyo, who led the explorers, said: "Just 0.4 square mile of deposits will be able to provide one-fifth of the current global annual consumption.

"Sea mud can be brought up to ships and we can extract rare earths right there using simple acid leaching. Using diluted acid, the process is fast, and within a few hours we can extract 80pc to 90pc of rare earths from the mud."

Rare earth metals have emerged as one of the most sought after resources in commodities boom. Minerals present in the mud include gadolinium, lutetium, terbium and dysprosium.

With demand increasingly outweighing supply, shortages of rare earth metals have triggered a string of mining ventures likened to a 21st century gold rush.

There has been much concern around China's control over global rare earth prices, trade restrictions and using its monopoly for political effect.

Japan accounts for a third of demand because of its strength in the electronics industry.