TOKYO -- Japan has acquired its first interest in heavy rare-earth elements, which are essential for magnets used in electric vehicle motors, in a step toward weaning off a reliance on China, the world's top producer.
Japanese trading house Sojitz and the Japan Organization for Metals and Energy Security (JOGMEC) will invest approximately 200 million Australian dollars ($134.7 million) in Australia's Lynas Rare Earths by the end of March through Japan Australia Rare Earths, a joint venture set up by the two Japanese entities, Sojitz said in a statement Tuesday.
