Mitsubishi Materials Signs MOU for U.S. Rare Earth Project

Tokyo, March 31 (Jiji Press)--Mitsubishi Materials Corp. signed a memorandum of understanding on Tuesday with ReElement Technologies Corp. to collaborate on recycling rare earths and rare metals as part of efforts by the Japanese and U.S. governments to ensure a stable supply of critical minerals.

Mitsubishi Materials, a Japanese metals company, will invest in Indiana-based ReElement to cooperate with a project in the United States to recycle resources from used magnets and batteries. The two companies are considering pursuing joint operations in Japan.

ReElement has technology to recover high-purity rare earths and rare metals from scrap such as used magnets and batteries as well as natural ores and mining waste.

At a press conference in Tokyo, Mitsubishi Materials President and CEO Tetsuya Tanaka said that his company "hopes to contribute to rebuilding supply chains through the collaboration."

ReElement Chief Financial Officer Kirk Taylor said that the collaboration will be a powerful commercial embodiment of U.S.-Japan cooperation.

[Copyright The Jiji Press, Ltd.]