Toshiba has signed a Memorandum of Understanding with Mongolia to talk about co-development of Mongolia’s mineral resources, including uranium, rare earth and rare metals.
Earlier this month China, which controls some 97% of rare earth production, stopped rare earth exports to Japan.
China has also reduced rare earth exports generally by 40% in 2010, and the US government is considering moves to re-open rare earth mining and production ii the US.
Rare earth is neither rare, nor earth, but US suppliers stopped mining these minerals, which are in plentiful supply in the US, on grounds of commercial viability.
Canada is also moving into rare earth production. It is used in a wide array of products produced by the electronics industry.
Australia refused to sell a rare earth mine to the Chinese after it had already sold one to them.
Usage of rare earth grows by about 9% a year.
Last week Japan’s prime minister Naoto Kan, met the Mongolian president Tsakhiagiin Elbegdorj, and they agreed to build a strategic partnership and to secure mutually beneficial cooperation in developing mineral resources in Mongolia.