Toyota Trader Unit to Build Rare-Earth Plant in India

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  1. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    http://www.bloomberg.com/news/2010-12-08/toyota-tsusho-plans-to-build-rare-earth-plant-in-india.html

    Toyota Tsusho Corp., the trading company part-owned by Toyota Motor Corp., will build a rare earths plant in India that will help secure supplies from 2012.

    The plant, to be based in Orissa province, will provide 3,000 metric tons to 4,000 tons annually of the metals used in hybrid and electric cars, the Nagoya-based company said in a statement on its website today. Construction will begin in 2011.

    Indian Rare Earths Inc., a subsidiary of India’s atomic energy agency, and state-owned Japan Oil, Gas and Metals National Corp. may also invest in the project, Toyota Tsusho said. Shin-Etsu Chemical Co. is another potential partner interested in getting rare earth supplies from the plant and providing technical assistance.

    Japan’s biggest makers of autos, home appliances and high- technology equipment are scrambling to secure supplies of rare earth metals after China cut deliveries this year amid diplomatic tensions. Asia’s largest economy plans to slow exports of rare earths to keep more of the metal for domestic use, according to Molycorp Inc., a U.S. rare-earth company.

    The shortage in rare earths has brought delegations from Canada, Mongolia and Bolivia to Japan in the past two weeks as these countries promote themselves as alternative sources to China. Japan is the biggest importer of rare earths while China accounts for more than 90 percent of the global exports.

    To contact the reporters on this story: Yuriy Humber in Tokyo at [email protected]; Masumi Suga in Tokyo at [email protected].
     
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