Whereas, critical minerals and rare earths are essential for the production of advanced technologies;

Whereas, the United States of America (the “United States” or “U.S.”) and Japan (together, the “Participants”) intend to support the supply of raw and processed critical minerals and rare earths crucial to the domestic industries of the United States and Japan;

Whereas, the Participants plan to accomplish this through use of economic policy tools and coordinated investment to accelerate development of diversified, liquid, and fair markets for critical minerals and rare earths;

Whereas, the Participants’ objective is to assist both countries in achieving resilience and security of critical minerals and rare earths supply chains, including mining, separation, and processing;

Whereas, the Participants intend to capitalize on their respective existing mining and processing operations in critical minerals and heavy and light rare earths as well as new capacity;

Whereas, the Participants recognize that this Framework will continue as long as both Participants work in good faith and with a cooperative attitude to strengthen the supply chains between the two countries;

Whereas, the Participants recognize that U.S. and Japanese companies, through upstream to downstream, are implementing concrete projects to establish new and secure supply chains, and welcome the continued advancement of such efforts;

Therefore, the Participants have reached the following recognition on a common policy framework for the mining and processing of critical minerals and rare earths.

Section I

Critical Minerals and Rare Earths

1. Securing supply:  The Participants are intensifying their cooperative efforts to accelerate the secure supply of critical minerals and rare earths necessary to support domestic industries, including advanced technologies and their respective industrial bases, by leveraging policy tools such as the United States’ and Japan’s financial support mechanisms, trade measures where appropriate, and critical minerals stockpiling systems. The participants will intensify efforts to promote dialogue amongst upstream and downstream companies to facilitate the diversification of supply chains.

2. Investment in mining and processing:  The Participants intend to mobilize government and private sector support including for capital and operational expenditures via grants, guarantees, loans, or equity; offtake arrangements; insurance; or regulatory facilitation.

2. Project selection:  The Participants intend to jointly identify projects of interest to address gaps in supply chains for critical minerals and rare earths, including derivative products such as permanent magnets, batteries, catalysts, and optical materials.

2. Financing: In addition to the steps above, within six months of the date of this Framework, the Participants intend to take measures to provide financial support to selected projects to generate end product for delivery to buyers in the United States and Japan and, as appropriate, like-minded countries.

2. Investment support:  The Participants intend to work together to develop new or bespoke mechanisms to mobilize private capital and strengthen critical minerals and rare earths supply chains.

2. Ministerial:  The Participants have decided to promote investment in mining by convening a bilateral Mining, Minerals and Metals Investment Ministerial within 180 days of the date of this Framework within which a dialogue with relevant stakeholders will be held to identify approaches and priorities for investment to meet our joint objectives.

3. Permitting:  The Participants are taking measures to accelerate, streamline, or deregulate permitting timelines and processes, including for permits for critical minerals and rare earths mining, separation, and processing within their respective domestic regulatory systems, consistent with applicable law.

• Fair Competition and Pricing Mechanisms:  The Participants will work to secure their critical minerals and rare earths supply chains by addressing non-market policies and unfair trade practices, including by establishing high-standard marketplaces that reflect the real costs of responsible extraction, processing, and trade of critical minerals and rare earths, and pricing measures to support alternative projects and such high-standard markets, in line with their respective policy tools.  The Participants will work with international partners to advance these intentions.

• Asset Sales:  The Participants commit to work together toward developing new authorities or strengthening existing authorities and diplomatic tools that review and deter critical minerals and rare earths asset sales on national security grounds, in accordance with their respective domestic laws.

• Scrap:  The Participants commit to investing in minerals recycling technologies and to working together to ensure management of critical minerals and rare earth scrap that supports supply chain diversification.

• Third parties:  The Participants intend to work together with other international partners as appropriate to ensure supply chain security and utilize existing engagement mechanisms.

8. Geological mapping:  The Participants intend to cooperate to assist in mapping mineral resources as mutually determined in the United States, Japan, and elsewhere, to support diversified critical mineral and rare earths supply chains.

9. Rapid Response:  The Participants are establishing a U.S.-Japan Critical Minerals Supply Security Rapid Response Group under the leadership of the U.S. Secretary of Energy and the Japanese Minister of Economy, Trade, and Industry, to identify priority minerals and supply vulnerabilities, and develop a coordinated plan to accelerate delivery of processed minerals under this Framework.

10. Stockpiling:  The Participants intend to work together to consider a mutually complementary stockpiling arrangement, utilizing existing national systems in accordance with each country’s regulations.

Section II

General Matters

1. The appropriate authorities of the Participants intend to monitor and review projects identified under Section I, paragraph 2.  The Participants will develop the elements of the project reviews in accordance with their respective domestic laws.

• The Participants plan to meet, virtually or in-person, at the written request of the other Participant within 10 days of the receipt of the request.

• Either Participant may discontinue its participation in this Framework by giving written notification to the other Participant.  Absent notice to the contrary from the discontinuing Participant, this framework would be discontinued on the thirtieth day after the date of receipt of the written notification by the other Participant.

• This Framework sets out a policy and programmatic action plan that does not constitute or create rights or obligations under domestic or international law, does not give rise to any legal process, and does not constitute or create any legally binding or enforceable obligations, express or implied.

Signed in Tokyo this 28th day of October, two thousand and twenty-five.

For the Government of the                              For the Government of Japan:

United States of America:

Donald J. Trump                                                         Takaichi Sanae

President                                                                      Prime Minister

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