China Plans To Mine the Yellow Sea Floor

eldavojohn writes "Details are limited but state media is reporting on $75 million being put into a new research facility in Qingdao, Shandong Province that will conduct research into mining the sea floor. From the article: 'Scientists believe sea beds at a depth of 4,000 to 6,000 meters hold abundant deposits of rare metals and methane hydrate, a solidified form of natural gas bound into ice that can serve as a new energy source.' The research center's first goal is to do surveying and exploration with a new submersible named 'Jiaolong' (a mythical aquatic Chinese dragon). Hopefully these quests yield energy resources to meet growing demand for resources like liquefied coal in China."