Japan to Spend 110 Billion Yen to Cut Rare Earth Usage
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Japan’s government and more than 100 companies including Hitachi Metals Ltd. and Toyota Motor Corp. plan to spend 110 billion yen ($1.3 billion) on facilities to reduce the nation’s reliance on rare earth imports.
The Ministry of Economy, Trade and Industry will put 33.1 billion yen toward the cost of 160 projects for 110 companies, with the balance paid by the companies, the ministry said today in a statement.