en.Wedoany.com Reported - Japanese trading company Sojitz is searching for new sources of rare earths beyond Australia in Southeast Asia and the broader region, aiming to boost output and diversify the supply chain for this critical material. Chief Financial Officer Makoto Shibuya recently told Bloomberg that countries such as Laos, Cambodia, and Vietnam will be target areas for exploration. The company will also consider suitable investment opportunities if they arise in India and other nations.
Rare earths are key materials for magnets used in electric vehicles, smartphones, and missile systems, and many countries, including Japan, are actively seeking to secure their supply. For over a decade, Sojitz has co-invested with the Japan Organization for Metals and Energy Security (JOGMEC) in Australian miner Lynas Rare Earths Ltd. In mid-March this year, both parties agreed to begin discussions on exploring and developing new rare earth resources both within and outside Australia, including the construction of new mines. Sojitz has already indicated its desire to find other significant resources beyond Lynas's Mt. Weld mine in Western Australia.
Regarding energy assets, Shibuya stated that Sojitz has no intention of taking a stake in the Alaska LNG project, nor does it plan to offtake from the proposed U.S. venture, for a simple reason—the costs are too high. Over the past decade, energy has accounted for only 10% of Sojitz's investments, and management has divested some related businesses. LNG represents one of the company's few energy investments, but the company says it will only pursue projects that pass rigorous scrutiny. The Japanese government reached an agreement with the U.S. last year, pledging to invest $550 billion in the United States in exchange for reducing tariffs on Japanese products to 15%, a deal that could potentially involve the Alaska LNG project.
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