Japan eyes Mongolia for rare earth metals
Wednesday, 6 October 2010
TOKYO, Oct 5 (Commodity Online): Japan and Magnolia have agreed to cooperate in promoting development projects of rare earth mineral mines in Mongolia.
A statement from Japanese energy ministry said Mongolia has high potential in mineral material development and this will serve the two countries' national interests.
Mongolia will be able to produce value-added products by introducing Japan's advanced technology, according to the statement.
The agreement came a day after Japan unveiled a set of policies to secure rare earth minerals that include studying stockpiling and diversifying supply sources away from China.
Rare earth metal imports from China had stalled following maritime collisions in September involving a Chinese fishing boat and Japan Coast Guard patrol boats near disputed islets, which heightened bilateral tensions.
Rare earths consist of 17 elements such as neodymium, dysprosium and cerium, and are used in the production of high-tech products such as cellphones, digital cameras, flat-panel televisions and hybrid vehicles.
China accounts for about 97 per cent of the world's rare earth supply and Japan is almost 90 per cent dependent on China.
There are rare earth reserves in countries such as Kazakhstan and Vietnam and Japan will try to acquire stakes in mines outside of China to ensure supply, said the statements.
A statement from Japanese energy ministry said Mongolia has high potential in mineral material development and this will serve the two countries' national interests.
Mongolia will be able to produce value-added products by introducing Japan's advanced technology, according to the statement.
The agreement came a day after Japan unveiled a set of policies to secure rare earth minerals that include studying stockpiling and diversifying supply sources away from China.
Rare earth metal imports from China had stalled following maritime collisions in September involving a Chinese fishing boat and Japan Coast Guard patrol boats near disputed islets, which heightened bilateral tensions.
Rare earths consist of 17 elements such as neodymium, dysprosium and cerium, and are used in the production of high-tech products such as cellphones, digital cameras, flat-panel televisions and hybrid vehicles.
China accounts for about 97 per cent of the world's rare earth supply and Japan is almost 90 per cent dependent on China.
There are rare earth reserves in countries such as Kazakhstan and Vietnam and Japan will try to acquire stakes in mines outside of China to ensure supply, said the statements.