Japan plans to mine rare earth metals in Vietnam

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Japan plans to mine in Vietnam for rare earth metals used in high-tech manufacturing in a bid to reduce its dependence on China, which virtually monopolizes the global supply of the strategic materials, officials said Friday. Japanese Prime Minister Naoto Kan and Vietnamese Prime Minister Nguyen Tan Dung are expected to agree on the proposed deal in Hanoi later this month, a trade ministry official said.

Japanese Trade Minister Akihiro Ohata said Vietnam has a promising potential for rare earths production, and Tokyo wants to jointly work with Hanoi on the exotic metals. China produces some 97 percent of the world's supply of rare earths. Trade Ministry official Hideyuki Wakutsu said Japan and Vietnam will set up a joint venture to mine rare earths in the Southeast Asian country. He gave no further details. China has blocked rare earths shipments to Japan since Sept. 21 in possible retaliation for Tokyo's arrest of a Chinese fishing boat captain near disputed islands...