Japan finds major rare earth deposits

The problem, of course is that they are in the freaking seabed, which means they will be so expensive to retrieve that prices will not likely fall from today's elevated levels.

The find would be the first time large scale rare-earth deposits had been discovered inside Japan's exclusive economic zone, local media said.

Rare earths are used to make a wide range of high tech products, including powerful magnets, batteries, LED lights, electric cars, iPods, lasers, wind turbines and missiles.''