METI Seeks 60% More Budget to Develop Mineral Resource in F2010

Mineral & Natural Resources Division under Agency of Natural Resources & Energy, which is an arm of Ministry of Economy, Trade & Industry, was approved to seek 21.77 billion yen of budget for fiscal 2010 starting in April, up by 63.6% from fiscal 2009. The main targets are stable supply of mineral resources and development of ocean resources. The division will be provided year-to-year higher budget although many public-work projects are severely reviewed and canceled under the new government.

Japanese government permitted approximately 20 billion yen budget for construction of an ocean resource searching vessel in fiscal 2009. Additional budget of 7.5 billion yen was approved to seek for fiscal 2010 to prepare necessary components for the vessel. Total 27.5 billion yen will be applied to the project.

A budget related to ocean resource development was set at 8.23 billion yen for fiscal 2010, up by 12.4% from fiscal 2009. The division plans research works for ocean resources in cooperation with countries in Africa, Middle Asia and Pacific Rim where existence of mineral resources are expected.

A budget for national rare metal storage was set at 630 million yen for fiscal 2010, up by 46.5% from fiscal 2009. Meanwhile, a budget to develop substitute materials for rare metals was reduced by 20% to 1.24 billion yen.