Russia and the US discuss rare earth metal projects
Russia and the United States have begun talks on joint projects involving rare earth metals and other projects in Russia, President Vladimir Putin's special envoy for investment said in a statement released on March 31. According to the source, several companies have expressed interest in these projects.
As US President Donald Trump tries to end the war in Ukraine, the issue of mineral cooperation has been raised by both Kiev and Moscow. However, Mr Trump said on March 30 that Ukrainian President Volodymyr Zelensky wanted to pull out of a proposed deal.
In February, President Putin suggested that the United States might be interested in jointly exploring rare earth metal deposits in Russia, which has the world’s fifth-largest reserves of the metals – vital ingredients in the production of lasers and military equipment.
Kirill Dmitriev, the Kremlin's special envoy for international economic and investment cooperation, said in an interview with the Izvestia newspaper on March 31 that negotiations have begun.
“Rare earth metals are an important area of cooperation, and of course, we have started discussions on many projects related to rare earth metals and other areas in Russia,” said Dmitriev, who is also CEO of the Russian Direct Investment Fund (RDIF).
Dmitriev, who was part of the Russian negotiating team at talks with US officials in Saudi Arabia in February, said several companies had expressed interest in the projects, but he did not name any of them or provide further details.
On March 30, President Trump said he was “furious” with Mr Putin and would impose secondary tariffs of 25% to 50% on buyers of Russian oil if he felt Moscow was obstructing his efforts to end the war in Ukraine.
Trump told NBC News he was angry after Putin last week criticized Zelensky's credibility as a leader. Trump later reiterated to reporters that he was disappointed with Putin but added: "I think we're making progress, step by step."
China's control of 95% of the global production and supply of rare earth metals – vital materials for the defense and consumer electronics industries – has prompted other countries to focus on developing their own supplies.
The US Geological Survey estimates Russia's rare earth reserves at 3.8 million tonnes, but Moscow says the actual figure is much higher.
According to the Russian Ministry of Natural Resources, as of January 1, 2023, the country has reserves of 15 rare earth metals totaling 28.7 million tons, of which 3.8 million tons are reserves being mined or ready for exploitation.
Izvestia reported that the issue of cooperation may continue to be discussed at the next round of Russian-US talks, scheduled for mid-April in Saudi Arabia.
