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.
