Russia To Increase Rare Earths Mining & Development

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The Russian President Vladimir Putin has instructed the government to approve a roadmap for the long-term development of rare and rare earth metal mining and production by December 1, the Kremlin stated on Tuesday (November 4).

Putin’s statement read, “To the Russian government, taking into account the previously issued instructions, approve an action plan for the long-term development of the extraction and production of rare and rare earth metals.”

Russia’s reserves of 29 types of rare metals currently total 658 million tonnes, representing about 10% of the global total, according to the Natural Resources Ministry. Russia’s total currently available rare earth deposits are 28.7 million tonnes.  However, Russia currently occupies a paradoxical position in the global rare earth landscape. Despite producing about 12 million metric tons annually—ranking fifth globally—Russia currently produces just 1% of global output in a sector dominated by China, whose production currently services 97% of global demand.

Source: Wikipedia