Japan to Spend 110 Billion Yen to Cut Rare Earth Usage

Bloomberg reports that Japan’s government and more than 100 companies intend to spend 110 billion yen ($1.3 billion) on facilities to reduce the country’s reliance on rare earth imports.

The market news is quoted as saying:

Japan, the world’s largest rare-earth importer, is seeking to cut rare-earth use by one-third, or 10,000 metric tons a year, to reduce its reliance on Chinese supplies, the ministry said. The nation is also stepping up efforts to invest in overseas mines after China’s export restrictions increased tension between the two nations last year.

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