Talks have reportedly begun, according to the head of the Russian Direct Investment Fund.
Nearly two weeks ago, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), floated the idea of cooperation between Russia and the United States in developing Russia’s rare earth deposits (we reported). This initiative now appears to be gaining traction. According to Interfax and other sources, discussions have already started. The Russian news agency cites an interview with Dmitriev in Izvestia, in which he stated that several U.S. companies have expressed interest in related projects.
The RDIF is currently assessing rare earth extraction in the Murmansk region. Additionally, a dedicated fund is being planned to support infrastructure development in Arctic regions, as Dmitriev recently announced. Foreign investors may also have the opportunity to participate. These areas hold vast, yet largely untapped, mineral resources.
Despite its significant rare earth reserves, Russia remains a minor player in the industry. In 2023, its production stood at just 2,600 tons compared to China’s dominant 240,000 tons.
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