This submerged island is rich in ferromanganese crusts, which contain valuable elements like nickel and cobalt as well as rare earth elements like yttrium. This has important implications for understanding the formation of the magmatic rocks and the gradual sinking of the Rio Grande Rise. The Rio Grande Rise has potential economic value owing to its critical metal-enriched ferromanganese crusts, which contain high concentrations of valuable earth elements like cobalt, nickel, and lithium. Perhaps more importantly, the ferromanganese crusts are also rich in rare earth elements, like the silvery-white yttrium. These kinds of rare earth elements have become even more valuable since April, when China announced export restrictions on seven types of rare earth elements, including yttrium.