Putin Pushes Russia Into Rare Earths Market
Moscow is stepping up its efforts in the global competition for mineral resources. Russian President Vladimir Putin has directed his government to prepare a comprehensive plan to develop mining of rare earth metals. This move aims to secure Russia's place in the strategically important field of these critical materials.
Government Roadmap and Timeline
Putin requested that an “action plan” for the long-term extraction and production of rare earth metals be completed by December 1, according to the state-owned media outlet TASS.
Importance of Rare Earth Metals
Rare earth elements are vital to modern technologies, including smartphones, electric vehicles, and wind turbines. Their significance is growing amid concerns about technology and energy security worldwide, capturing the focus of global leaders such as those in the U.S.
Russia's Potential and Current Production
Despite holding extensive reserves, Russia currently produces only about 1% of the world's rare earth metals. The Kremlin estimates that the country has deposits of 15 rare earth metals totaling 28.5 million tons.
Global Market Context
- China dominates the rare earth market, supplying roughly two-thirds of global production.
- China accounts for nearly half of the European Union's rare earth imports.
- The EU has tried to diversify its supply sources but faces challenges due to the complex and expensive nature of rare earth mining and processing, leaving it largely dependent on China.
Antonia Zimmermann contributed to this report.
Summary: Russia plans to expand its rare earth mining to reduce global reliance on China and strengthen its role in essential technology supply chains.
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