Japan gov backs new Shin-Etsu rare earth refinery build amid China's export control
TOKYO - Japanese rare earth magnet manufacturer Shin-Etsu Chemical plans to build a new rare earth refining facility in Fukui prefecture in western Japan to strengthen its supply chain, a spokesperson said, amid China's export controls.
The move comes as China has restricted exports of several heavy rare earths and other materials to Japan for at least four months. The curbs coincide with a dispute between the two countries over Taiwan, suggesting Beijing is using its control over critical minerals as diplomatic leverage.
The new facility will be Shin-Etsu's first rare earth refining facility since 2008 and is aimed to reinforce supply chains and secure raw materials for its rare earth magnet business, the spokesperson said on Thursday.
The Japanese company has two rare earth refining facilities in Japan.
The Nikkei business daily first reported the plan, saying the total investment is expected to be at least 35-billion yen
($218-million).
The company spokesperson said the total investment amount has not yet been finalised, but confirmed that the project will receive a government subsidy of 17.5-billion yen.
Japan and Western governments have been seeking to diversify critical mineral supply chains away from China, the world's largest rare earths producer.
In May, Japan signed an agreement with Australia to strengthen cooperation on energy and critical minerals, while
public broadcaster NHK reported in April that Tokyo and Paris had agreed to bolster rare earth supply chains.
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