METI to Secure More Budget for Nonferrous Metals in F2012

Ministry of Economy, Trade and Industry secures 16.75 billion yen of budget for mineral and natural resources division for fiscal 2012 starting April 2012, which is 6.4% higher than the budget in fiscal 2011, when Japanese cabinet decided the budget plan. The division focuses the resources to secure resources including rare earth and rare metals stably. METI also secures 4.75 billion yen of budget for nonferrous metals division, which is 15.2% higher than fiscal 2011 budget. The division supports development of magnetic materials of high performance motor for next generation vehicle.

The mineral and natural resources division’s budget includes 10.22 billion yen for stable supply of resources including rare earth resource development in fiscal 2012, which is 14.8% higher than fiscal 2011 budget. The division’s budget also includes 6.54 billion yen for ocean resource development, which is 4.5% lower than previous year.

The nonferrous metals division secures total 11.325 billion yen to secure rare earth and rare metal including fiscal 2012 budget and additional budget for fiscal 2011. The division supports domestic supply chain rebuilding for key parts and materials including rare earth magnet, electrolytic copper foil and silicon wafer.

METI secures 40 billion yen of financial investment and loan for fiscal 2012, which is 3.3 times of fiscal 2011 budget. METI expends the budget to support Japanese companies’ resource development through Japan Oil, Gas and Metals National Corporation (JOGMEC).