Japan's Mitsubishi Materials to buy into US ReElement rare earth recycling firm

TOKYO, March 31 (Reuters) - Japan's Mitsubishi Materials 5711.T said on Tuesday it had agreed to acquire a stake in U.S. ReElement Technologies Corporation, a company involved in rare earth element recycling.

Here are some details:

• Mitsubishi Materials said it would buy preferred shares in ReElement, but did not disclose the size or value of the investment.

• The deal is aimed at accelerating the expansion of Mitsubishi Materials' secondary smelting operations and supporting its plans to commercialise rare earth and rare metal recycling in Japan.

• Through the partnership, Mitsubishi Materials also plans to participate in the U.S. rare earth supply chain via offtake and tolling agreements, it said.

• The move comes as countries worldwide seek to diversify supply chains for rare earth and critical minerals away from China, which dominates the market.

• During Prime Minister Sanae Takaichi's visit to the United States this month, the two countries released an action plan outlining their efforts to develop alternatives to China in critical minerals and rare earths supply chains.