Russia and the US discuss rare earth metal projects.
In a statement released on March 31, President Vladimir Putin's special envoy for investment said that Russia and the United States have begun negotiations on joint projects related to rare earth metals and other projects in Russia. According to the source, several companies have expressed interest in these projects.
Amidst US President Donald Trump's efforts to end the war in Ukraine, cooperation on minerals has been raised by both Kyiv and Moscow. However, Trump stated on March 30th that Ukrainian President Volodymyr Zelensky wants to withdraw from a proposed agreement.
In February, President Putin suggested that the US might be interested in jointly exploring rare earth metal deposits in Russia, which has the world's fifth-largest reserves of these metals – crucial materials in the production of lasers and military equipment.
Kirill Dmitriev, the Kremlin's special envoy for international economic cooperation and investment, said in an interview with the Izvestia newspaper on March 31 that negotiations have begun.
"Rare earth metals is an important area of cooperation, and of course, we have begun discussions on many projects related to rare earth metals and other areas in Russia," said Dmitriev. Dmitriev is also the CEO of the Russian Direct Investment Fund (RDIF).
Dmitriev, who was part of the Russian negotiating team at discussions with US officials in Saudi Arabia in February, said several companies had expressed interest in the projects. However, he did not name any companies or provide further details.
On March 30, President Trump said he was "angry" with Putin and would impose tariffs of 25% to 50% on buyers of Russian oil if he felt Moscow was hindering his efforts to end the war in Ukraine.
Trump told NBC News that he was angry after Putin criticized Zelensky's leadership credibility last week. He later reiterated to reporters that he was disappointed with Putin but added, "I think we're making progress, one step at a time."
China's control over 95% of the global production and supply of rare earth metals – crucial materials for the defense and consumer electronics industries – has prompted other countries to focus on developing their own supply sources.
The U.S. Geological Survey estimates Russia's rare earth metal reserves at around 3.8 million tons. However, Moscow claims the actual figure is much higher.
According to the Russian Ministry of Natural Resources, as of January 1, 2023, the country possessed reserves of 15 rare earth metals totaling 28.7 million tons, of which 3.8 million tons were either being mined or were ready for mining.
Izvestia reports that the issue of cooperation will likely be further discussed in the next round of Russia-US talks, scheduled to take place in mid-April in Saudi Arabia.
