Japanese researchers have found vast deposits of rare earth minerals on the seabed of the Pacific Ocean, amounting to 1,000 times those on land, Reuters reported.

A study by researchers from the University of Tokyo and the Japan Agency for Marine-Earth Science and Technology estimates that the deposits amount to 100 billion metric tons.

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.

Japan's demands for rare earth minerals could pick up later in the year as Japan continues to recover from the March 11 earthquake.