METI to Secure 8.1% Higher Budget for F2012

Ministry of Economy, Trade and Industry announced on Thursday the ministry tries to secure 1.484 trillion yen of budget for fiscal 2012 starting April 2012, which is 8.1% higher than fiscal 2011. METI increases the budget by 43% to 22.5 billion yen for Mineral and Natural Resources Division of Agency of Natural Resources and Energy to secure stable supply of resources. The division will spend 7.6 billion yen for additional action for rare earth supply security. METI’s Nonferrous Metals Division will secure 6.72 billion yen of budget, which is double of fiscal 2011.

Mineral and Natural Resources Division secures 13.2 billion yen for stable supply of mineral resources in fiscal 2012, which is 48% higher than fiscal 2011 level. The division increases the budget by 2% to 7.41 billion yen for offshore resources, to 6.5 times at 4.82 billion yen for alternative materials development of rare metals and rare earth and by 8.3% to 520 million yen for recycling and smelting technology.

Nonferrous Metals Division will secure 4.82 billion yen for rare earth related spending in fiscal 2012. The division supports development of technology of alternative materials and consumption saving and development of magnetic materials for next generation automotive high performance motor.

The division also secures 1 billion yen for demonstration project of high temperature superconducting cable. The division also spends 818 million yen for nanotechnology including development of new materials and technology for semiconductor.