An examination of the technical and economic feasibility of the combined mining of the rare-earth element-rich mud (REE-rich mud) and ferromanganese nodules (FN) around Minamitorishima (Marcus) Island in Northwest Pacific is introduced. A previous study showed that the mining of REE-rich mud around Minamitorishima Island was not economically feasible. Therefore, in this study, three changes from the previous mining model to improve its economy are proposed. The first one is combined mining with FN in the area. The second one is introducing a pulp-lifting system that can lift both REE-rich mud and FN at high concentrations through a riser pipe. The third one is the reuse of waste mud and processed slag for construction materials. The economic evaluation results show a change from a slightly negative to quite positive economy depending on the mixing ratio of REE-rich mud and FN in the pulp-lifting. In addition, some technical approaches necessary to realize the combined mining method are introduced.