TOKYO: Japanese Prime Minister Sanae Takaichi and French President Emmanuel Macron will agree to create a roadmap for diversifying supplies of rare earths and other critical minerals, the Nikkei reported on Wednesday (April 1).
The report said a joint statement will be issued by the two leaders, which will express concern over export restrictions on critical minerals. Reuters could not immediately verify the information in the report.
The Japanese and French governments plan to start a public-private project in southwestern France at year-end to refine heavy rare earths used in electric vehicle motors and other technologies, Nikkei reported.
Both Takaichi and Macron will confirm this and other plans to build rare earths supply chains independent of China, the report said.
The deal comes at a critical moment, as Japan and Western governments and manufacturers are scrambling to secure supplies of rare earths minerals to reduce their dependency on China, the world's dominant rare earths supplier and producer.
Earlier in March, Japan Australia Rare Earths, co-owned by state-run Japan Organisation for Metals and Energy Security and Sojitz Corp, struck a deal with Australia's Lynas Rare Earths, the largest rare earth producer outside China.
Under the deal, Lynas will set aside 75 per cent of its heavy rare earth oxide output for the Japanese industry, with Japan Australia Rare Earths committing to buy half the firm's total heavy rare earth production.
On March 20, the US and Japan also released an action plan for developing alternatives to China for critical minerals and rare earths supply chains, focussing initially on price floors for a select group of minerals.
Japan and France will also seek cooperation in space, with companies from the two countries expected to sign memorandums of understanding on 12 joint projects, including space debris removal and rocket launches.
The Japan Aerospace Exploration Agency and CNES, France's space agency, will provide financial backing for corporate space technology development, offering capital to companies from their respective countries that take part in joint projects, the report added. - Reuters
