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Japan to boost public funding for rare earth exploration

Move is aimed at securing key resource supply amid EV shift

Japan is planning to invest more in the exploration of rare earth metals, a move that could ease the  financial burden on the private sector.   © Reuters

TOKYO -- The Japanese government is poised to increase funding for the exploration of rare earth metals, Nikkei has learned, as competition in the sector intensifies amid an accelerating global shift to electric vehicles.

The government is considering lifting the 50% ceiling on government funding for resource exploration projects by the end of this year, sources said. This will allow state-backed Japan Oil, Gas and Metals National Corp. (Jogmec) to shoulder more than half of the costs of exploring and developing natural resource mines, the sources said.

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