Japan and Australia reach preliminary agreement for rare earth supply
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Japan's largest trading company and the country’s largest rare earth importer, Sojitz, said on Wednesday that it has formed a “strategic alliance†with Lynas, an Australian listed company. Lynas has one of the world's richest rare earth deposits. The two days indicated that the two groups "are studying a long-term supply agreement."
This news was announced the day before Australian Foreign Minister Kevin Rudd told a Japanese Foreign Minister Seiji Maehara in Canberra that Australia will supply rare earths to countries such as Japan for a long time.
The stock price of Lynas soared by 10.5% to A$1.53, while the price of a double-day stock rose by 9% to 168 yen.
According to the preliminary agreement, Sokui said that it will seek funding from a government-backed investment agency, Japan Oil & Gas Mineral Resources Agency (JOGMEC), to assist Lynas in its 250 million rare earth mines at Mount Weld in Western Australia. USD expansion project. The two days indicated that they are seeking to purchase 9,000 tons of rare earth every year from Lynas over the next 10 years.
China accounted for 97% of global rare earth output last year. Concerns about China’s dominance in the rare earth market were escalated in September this year, when Japanese traders reported that during the diplomatic disputes between Japan and China, their purchase of rare earth was stopped.
Japan’s automotive and electronics manufacturers are the world’s largest consumer of rare earths, and several groups are currently planning to support more rare earth production outside of China.
Toyota Tsusho, a trading company affiliated with Toyota Motor Corporation, is investigating mineral deposits in India, Vietnam, and Canada. The trading company Sumitomo Corporation has teamed up with the Kazakhstan State-owned Atomic Energy Corporation to develop a mineral deposit discovered in Central Asia. Another trader, Mitsubishi, is working with Canadian company Neo Materials to assess the mineral deposits of an old tin mine in Brazil.
China has tried to increase its overseas rare earth assets on the basis that its domestic supply has been considerable, and has intensified the competition for supply.
China reacted low-key to Lynas's statement with the two-day alliance. Yin Jianhua, a rare-earth expert at Antaike, a Beijing consulting firm, said that the statement appeared to have a sense of publicity.
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