Major economies are promoting self-sufficiency in rare earth supplies.

Therefore, it is not surprising that many major economies are investing heavily in projects aimed at exploiting and producing rare earth materials domestically. On January 12th, the Chikyu exploration vessel officially began its journey to Minamitori Island, located nearly 2,000 km southeast of Tokyo, with the important mission of surveying the exploration and exploitation of rare earth-rich mud in the island region.

Recent tensions in relations with China—which accounts for over 90% of global rare earth refining production, particularly after China halted export licenses for dual-use materials to Japan—are a key factor driving the Japanese government to accelerate plans for self-sufficiency in supply.

Shoichi Ishii, Director of Japan's National Program for Science , Technology and Innovation, stated: "China has also previously halted exports of rare earth minerals to Japan. This time, the government is strengthening cooperation with the U.S., Australia, and Europe to diversify. At the same time, another potential solution is that we could establish our own domestic rare earth production line."

The Chikyu's mission will last approximately one month, aiming to extract rare earth-rich mud from a depth of nearly 6km below the seabed. Despite the challenges, experts are hopeful that this will be an achievement that will strengthen Japan's position in the strategic supply chain.

Takahide Kiuchi, a senior economist at the Nomura Research Institute, said: "If Japan can produce key rare earth elements at Minamitori, we can not only serve domestic needs but also export to other countries. This is both a business opportunity and strengthens Japan's overall power."

Japan is not the only major economy pushing for self-sufficiency in rare earth supplies. Last year, the U.S. government signed a series of agreements to acquire stakes in rare earth companies, including MP Materials, which owns the country's largest rare earth mine in California, along with agreements to purchase products and support new production plants.

Meanwhile in Europe, a rare earth mine in Estonia is gaining attention with the inauguration of the EU's largest rare earth magnet production plant in September. The operator expects to achieve a production of up to 2,000 tonnes in the first year of operation and eventually 5,000 tonnes per year, allowing for diversification of supply for several strategic industries in the region such as automotive and semiconductors.

Source: https://vtv.vn/cac-nen-kinh-te-lon-thuc-day-tu-chu-nguon-cung-dat-hiem-100260113212415055.htm