Latest move by Japan to secure rare earth supply

Japan:
Japan is to step up its search for undersea mineral reserves in the Pacific, the AFP quoted the Nikkei business daily as saying.
The report said the Japanese government plans to begin fully fledged surveys near Minamitorishima during the 12 months from April.
The Japan Oil, Gas and Metals National Corp. has been conducting basic surveys in waters but the government has decided to take direct control of the project, the report said. The overall budged amounts to 6.8 billion yen (US$84 million).
Moves by other Japanese companies:
- Sojitz set up a partnership with Australian mining firm Lynas Corp in November 2010.
- Hitachi Metals and US-based Molycorp agreed to set up a joint venture in December 2010.