Japan, METI Invests at 10 Billion yen to Iron Ore Mine Development

Ministry of Economy, Trade and Industry, Japan will invest at about 10 billion yen to the development of iron ore mine in fiscal 2009 at the ended of March 2010. The ministry will additionally invest at 1.95 billion yen to the developing technology hydrogen reduction steel making, which will invest to the developing technology of new pig iron production process for utilization of low-quality iron ore and coal or the cooperation of energy saving against steel maker in Asia. The ministry will invest at total 14.5 billion yen to these projects.The ministry assists the search, development, securement of the right and infrastructure building for iron ore and coal mine by domestic company. The ministry increases the investment by 4 times to 1.95 billion yen to hydrogen reduction steel making technology in fiscal 2009 from 2008. The ministry will invest at 450 million yen to reduce the consumption of coal usage by 25% and of energy by 10% by low quality resource utilization technology in fiscal 2009. The ministry will invest at 85 million yen to cooperate energy saving for steel maker in Asia.The ministry will invest at 1 billion yen to develop innovative welding and forging technology, which expects to reduce the consumption of oil usage for automobile engine by 350,000 kiloliter per year in 2030 thanks to new technology of weight saving by innovative welding and forging technology, and which reduce the consumption of oil usage for electric power plant by 1.27 million kiloliter per year in 2030 thanks to new heat resistant steel.