Vale SA the world’s biggest iron ore producer and state owned Japan Oil, Gas and Metals National Corp agreed to jointly explore for nickel, copper and platinum in Mozambique to meet rising demand for the metals.

Jogmec as the agency is known, will pay initial exploration costs, while Vale will undertake the prospecting. In May 2008, Japan agreed to cooperate with Rio de Janeiro based Vale in mineral resource exploration as it seeks to increase access to commodities.

Jogmec and Vale also have a joint exploration project in Brazil, according to the statement.

(Sourced from Bloomberg)