TOKYO -- Japan will expand its reserves of metals crucial to the production of electric vehicles and high-tech gadgets, aiming to keep pace with rising demand and ensure access as China gains increasing control over global supplies.
China provides nearly 60% of Japan's imports for these often-rare minerals, and international competition to secure such resources is heating up. Companies tied to Chinese interests account for over 30% of cobalt production in the Democratic Republic of Congo, the world's largest supplier of the metal essential for lithium-ion batteries used in electric vehicles.
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