Russia’s Reserves of Rare Earth Metals Face Economic Challenges
The Russian government has acknowledged the significant reserves of rare earth metals in the country, with a total of 28.5 million tons of the precious minerals identified and ready for extraction. However, the head of Rosnedra, the Federal Agency for Subsoil Use, Oleg Kasanow, has expressed concerns about the economic viability of further mining and development of these resources.
According to Kasanow, the annual demand for rare earth metals in the Russian economy is approximately 2,000 tons, a relatively small amount compared to the total reserves of 28.5 million tons. The agency’s leader emphasized that it is challenging to justify the continuation of rare earth mining and development due to the low demand.
The agency has identified significant reserves of rare earth metals in two major deposits, Lowosero in the Murmansk region and Tomtor in Yakutia, with the former holding seven million tons and the latter four million tons of the precious minerals.
Kasanow also highlighted the agency’s focus on other valuable resources, such as uranium, titanium and lithium, stating that the current geological exploration efforts are not prioritizing rare earth metals due to the abundance of these resources in Russia.
Earlier, the Minister of Natural Resources and Ecology had claimed that Russia’s vast natural resources would allow the country to supply rare earth metals not only for its own needs but also for global consumption for over a century. The current situation, however, suggests that the economic viability of rare earth mining and development in Russia is a pressing concern.