Japan to invest 100 million euros in French rare earths project, government official says
TOKYO, March 17 (Reuters) - Japan has agreed to invest about 100 million euros ($109 million) in a French rare earth minerals refining project by Carester to diversify its procurement sources, a Japanese industry ministry official said on Monday.
The move is part of Japan and its allies' broader efforts to strengthen supply chains of critical minerals, essential for electric vehicles (EVs) and other advanced technologies, whilst reducing dependence on China.
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The details of the deal will be announced later on Monday, the official told Reuters.
Earlier on Monday, the Nikkei business daily reported that the Japanese government plans to invest in Carester's rare earths project, while the French government will also provide about 100 million euros in financial support.
Iwatani Corp (8088.T), opens new tab and other companies will procure key minerals such as dysprosium and terbium, which are used in EVs, at a scale equivalent to 20% of Japan's demand, the Nikkei said.
Iwatani declined to comment on the report.
Carester, a French company founded in 2019, includes several employees who formerly worked on rare earths at Solvay (SOLB.BR), opens new tab, a Belgian chemical group.
The French firm, which agreed to form a partnership with Solvay in 2024, plans to start production in 2026 at a plant expected to produce over 1,000 metric tons of rare earth oxides mainly from recycled magnets, but will initially also process mining concentrates.
($1 = 0.9192 euros)
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