Plan for domestic rare earth sector development to be approved by November.
According to estimates from the U.S. Geological Survey (USGS), Russia holds nearly four million tons of rare earth reserves. Yet despite this vast potential, the country produced only 2,500 tons last year, a figure that placed it behind India.
President Vladimir Putin has now instructed the government to approve a program for the development of Russia’s rare earth industry by November, as reported by Interfax. He noted that a system for tracking secondary deposits, such as mining tailings, has already been introduced. These often contain valuable resources that could be extracted and utilized, provided the right technologies are in place.
Back in 2020, Russia declared its ambition to overtake China in rare earth production by 2030. However, by November 2024, Putin expressed dissatisfaction with the lack of progress at the country’s most important rare earth deposit, Tomtor in the Far East, citing insufficient investment. A few months later, Rosneft, Russia’s largest oil producer, took control of the project (we reported). Moscow has nonetheless continued to signal its determination to become a major player in the rare earth sector. In March of this year, it even offered the United States cooperation in resource development, a move underscoring the strategic importance Russia attaches to this industry.
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