Japan offers $65m in rare-earth subsidies

TOKYO - Japan, the world's biggest importer of rare earths, will provide 5 billion yen ($65 million) in subsidies for projects that reduce the need for the elements as it aims to cut its reliance on imports to meet demand.

The funds will support projects that reduce consumption of magnet products that use dysprosium and neodymium, improve recycling and develop new technologies, according to a statement from the Ministry of Economy, Trade and Industry. An additional 3.5 billion yen will be allocated for use from May, according to the statement.

Dysprosium and neodymium are used in automotive and wind-power applications and electronics.