Japan Signs Deal with Indian for 4,100 Tons of Rare Earths/Year

Bloomberg reported that Japan, in their latest move to diversify rare earth suppliers away from China, has signed a deal with India to import 4,100 tons of rare earths a year.

As quoted in the market report:

Japan, the world’s biggest importer of rare earths, signed a memorandum of understanding in Tokyo today for India to supply as much as 20 percent of the country’s rare earth imports, according to a briefing by the Ministry of Economy, Trade and Industry. On Nov. 2, Sumitomo Corp. (8053) opened a rare-earth processing plant in Kazakhstan that will produce 3,000 metric tons by 2015.

To view the whole Bloomberg report, click here.