METI to Secure Higher Budget for Mineral Resource Exploration in F2011

Ministry of Economy, Trade and Industry submitted budget request to Ministry of Finance on Monday to secure 1.041 trillion yen for fiscal 2011 starting April including 106.7 billion yen of special budget, which is 4.9% higher than fiscal 2010 budget. METI tries to secure 21.1 billion yen for investment and loan to support exploration of mineral resources, which is 3.2 times of fiscal 2010 budget while the budget is 17.38 billion yen for mineral and natural resources division of Agency for Natural Resources and Energy, which is 19.5% lower than fiscal 2010 level. The budget is 4.21 billion yen for nonferrous metals division of manufacturing industries bureau, which is 19.2% lower than fiscal 2010 level.

The mineral and natural resources division tries to secure 10.52 billion yen for stable supply of mineral resources in fiscal 2011, which is 3.2% lower than fiscal 2010 level, while the budget increases by 0.6% to 8.284 billion yen to secure offshore resources.

METI secures new 200 million yen of budget to improve relationship with mineral rich countries in fiscal 2011. The ministry increases budget of feasibility study for mining and related infrastructure by 68% to 650 million yen from fiscal 2010 level. METI requires 2.092 billion yen for study for rare metals development, which is 3.2% lower than fiscal 2010 level, to explore the source in northern Africa and central Asia.

METI reduces recycling and smelting technology budget by 33.8% to 510 million yen in fiscal 2011 from fiscal 2010 level. The ministry reduces the budget for ocean resource development by 36% to 6.86 billion yen while METI secures 660 million yen for research for ocean mineral resources and 660 million yen for research for deep sea floor resource.

The nonferrous metals division of manufacturing industries bureau tries to increase the rare metal related budget by 62 million yen to 1.307 billion yen in fiscal 2011 from fiscal 2010 level.