Japan dials 8.7 billion to get rid of dependence on China's rare earth

Japan’s Ministry of Economy, Trade and Industry announced on June 3 that it will purchase equipment to reduce the use of rare earths in the country and R&D of rare earth substitutes companies will issue a total of 8.7 billion yen (approximately RMB 700 million) in subsidies. Among the subsidized projects are: No. 1 Rare Element Chemical Industry will purchase new production equipment to produce yttrium oxide alternative zirconia; Nippon Steel Sumikin Stainless will add new equipment to recover rare metals in the stainless steel production process.

This move is mainly to respond to China's restrictions on rare earth exports caused by rare earth prices soared. The relevant person in charge of the Japan Ministry of Economy and Trade said: "This move is aimed at preventing the use of rare earth raw materials such as automobiles, electrical appliances and other manufacturing companies from transferring overseas. The Japanese government decided in February to grant a total of 31.3 billion yen in subsidies for such projects. A total of 118 projects were submitted for the second round of public funding, and the Ministry of Economy and Trade of Japan disclosed that the price of “gallium oxide,” one of the rare earths used in glass abrasives, was 30 times that of a year ago, and the price of rare earths and rare metals. It is rising sharply.