Adds details of two potential corporate deals in paragraphs 8-10

WASHINGTON, March 19 (Reuters) - The U.S. and Japan on Thursday released an action plan for their efforts to develop alternatives to China for critical minerals and rare earths supply chains, focusing initially on price floors for a select group of minerals.

A joint U.S.-Japan statement released by the U.S. Trade Representative's Office during Japanese Prime Minister Sanae Takaichi's visit to the White House said the two countries aimed to deliver "concrete, near-term results towards securing mutual supply chain resilience."

The statement said the two countries will discuss coordinated trade policies such as a border-adjusted price floor mechanism, "focusing in the first instance on a select group of critical minerals." They did not identify which minerals would be considered first for price floors.

Takaichi and U.S. President Donald Trump signed a framework agreement on rare earths in October 2025 in Tokyo as both countries were struggling with Chinese export controls.

The action plan announced on Thursday does not mention China by name, but refers to a need to correct "distortions resulting from pervasive non-market policies and practices (that) have left critical minerals supply chains of market-oriented economies vulnerable to a myriad of disruptions, including economic coercion."

The two sides will consult on how price floors and other trade provisions can fit into a plurilateral critical minerals supply agreement involving other countries, the statement said.

They also will work to identify specific projects in each country and elsewhere for critical minerals mining, processing and manufacturing that meet internationally recognized responsible business practices and that should get priority financing and policy support, the statement added.

U.S.-based Albemarle ALB.N, the world's largest lithium producer, is "exploring opportunities" for potential Japanese investment or supply deals with the company's under-construction North Carolina lithium project, according to the statement.

An Albemarle spokesperson said the company had nothing to add.

Japan's Mitsubishi Materials 5711.T is in talks with Indiana-based ReElement Technologies for a potential equity stake or joint venture, according to the statement. A representative for ReElement was not immediately available to comment.

Tokyo and Washington also agreed to share information on mining standards, technical cooperation, and geological mapping of potential critical mineral deposits. They also agreed to coordinate stockpiling of critical minerals, rapid responses to prevent supply disruptions and joint actions to address economic coercion, the statement said.

(Reporting by David Lawder; Additional reporting by Ernest Scheyder in Houston; Editing by Paul Simao and Daniel Wallis)

((David.Lawder@tr.com; +1 202 843 6288;))