THE discovery of a huge hoard of rare metals needed for futuristic tech on a tiny Pacific island could transform the world economy.

It has been described as an "almost infinite" supply, with one of the metals found - rare-earth oxide - worth €410billion.

5 One of the metals found, yttrium, is used for camera lenses and mobile phone screens Credit: Wikipedia

Minami-Torishima Island, also known as Marcus Island, hosts vast reserves of rare elements in deep-sea mud.

A new study published in journal Scientific Reports reports Japanese researchers found more than 16million tonnes of the elements needed to build hi-tech products.

These would include smartphones, radar devices, missile systems and electric vehicles.

The deposits at Marcus Island - which is just 1km from end to end- were found within Japan's exclusive economic waters.

5 Minami-Torishima Island, also known as Marcus Island, hosts vast reserves of rare elements in deep-sea mud Credit: Google maps

5 The tiny island's metal supply was discovered by Japanese researchers

5 Rare-Earth Ore, one of the metals found in the islands's deep sea mud Credit: Wikipedia

5 Yttrium is used to make camera lenses Credit: Reuters

One of the metals found, yttrium, is used for camera lenses and mobile phone screens - currently it is worth $3,400 per pound.

Several universities, businesses and government institutions clubbed together to survey the sample area.

Technology Metals Research LLC founding principal Jack Lifton, who wasn’t involved in the research, told The Wall Street Journal “this is a game-changer for Japan”.

Adding: “The race to develop these resources is well under way."

The findings suggest that a 2500sq km region off the southern Japanese island should contain 16 million tonnes of the valuable elements.

Female metal detectorist Relic Recoverist takes to YouTube looking for treasure

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It concluded it “has the potential to supply these metals on a semi-infinite basis to the world”.

The report said some of the rare-earth elements found there could be mined for hundreds of years.

It would be expensive to extract them, but Japan is keen to gain more control over future technologies and weapons.

Earlier this year we reported how an online, a tight-knit community of female treasure hunters have shaped themselves into YouTube personalities with tens of thousands of dedicated subscribers.

Among them is Pennsylvania-based Jocelyn Elizabeth, whose 20,000 YouTube subscribers know her as Relic Recoverist.