The Arctic region once again appears at the forefront of U.S.-Russia discussions, as this week has featured a multitude of events devoted to the topic of rare earth metals.
Russia is ready to invite foreign partners, including American ones—both governments and companies—to work together on rare earth metals, said Russian President Vladimir Putin. Previously, the topic of cooperation with the U.S. (as well as in this sector) emerged at the venue of the Future Technologies Forum.
After a meeting devoted to the development of rare earth metal (REM) and rare earth elements (REE) mining in the Russian Federation on 24 February, the President gave an interview and said that the country is ready to cooperate with the U.S. in the sphere:
By the way, we would be ready to offer our American partners… I mean not only administrative and government structures, but also companies—if they showed interest in working together. We certainly have more, I want to emphasise this, much more resources of this kind than Ukraine," said Putin.
"The situation with rare earth metals in the world is very interesting. According to the US Geological Survey, about 390,000 tonnes of these metals were mined in the world last year, of which 270,000 tonnes were mined in China. The United States produced 45,000 tonnes, Australia—13,000 tonnes, Myanmar—31,000 tonnes, and Russia—just over 2,000 tonnes," said geologist, PhD in Economics, and independent industrial expert Leonid Khazanov.
According to him, the United States is heavily dependent on supplies of rare earth metals from China and is seeking to find solutions to the problems associated with this dependence.
Only one location in Russia is fully developed, despite the fact that the country ranks second in the world in terms of rare earth element reserves. It accounts for only 2% of global production. The deposits are located in difficult climatic conditions, which significantly increases the capital intensity of such projects.
We have deposits in Yakutia and Siberia, very rich and vast, but not developed. Their development is expensive, but the United States can invest in it.
—Arkady Naumov, employee of OKB Astron, expert of the Russian Science Foundation
The only active source of rare earth raw materials in Russia is the loparite ores of the Lovozero deposit in the Murmansk region. The concentrate obtained at Lovozero is sent for hydrometallurgical processing to the Rosatom-owned Solikamsk Magnesium Plant. The latter produces REE carbonates.
A market analysis by Finam on the rare earth metal issues highlighted the companies that would potentially benefit from the development of this sector:
Most of these companies operate in the Russian Arctic and remain key beneficiaries of the economic development of the region.
According to two Reuters sources, the situation in the rare metals market continues to unfold, as "the U.S. and Ukraine have agreed on the terms of a draft minerals deal central to Kyiv's push to win Washington's support..."
Meanwhile, Russian officials and companies are reacting to the situation, as the topic is thoroughly researched by the expert community. Recently, CREON Conferences announced an event in Moscow—Rare and Rare Earth Metals 2025 on 25 March. The topics for discussion will include the following:
Source: Interfax, Gazeta, Vedomosti, Finam, Reuters
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