"Vast deposits of rare earth minerals have been discovered on the seabed of the Pacific Ocean amounting to 1,000 times those on land, media reported on Monday citing a study by Japanese researchers.

The deposits are estimated to amount to 100 billion metric tons, the Nikkei business daily said.

They are believed to lie at a depth of 3,500 to 6,000 meters and cover an area of over 11 million square meters, the reports said."

Kaori Kaneko reports for Reuters July 4, 2011. [2]