Analyst Yushkov: Russia has great potential for the development of REM production in the Arctic
Russia has great potential for the development of the rare earth metals (REM) industry in the Arctic. This was stated in an interview with the TV channel “Russia 24” by the leading analyst of the National Energy Security Fund, an expert of the Financial University under the government of the Russian Federation Igor Yushkov.
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📝 Summary
Russia has great potential for the development of the rare earth metals (REM) industry in the Arctic. This was stated in an interview with the TV channel “Russia 24” by the leading analyst of the National Energy Security Fund, an expert of the Financial University under the government of the Russian Federation Igor Yushkov.
According to Yushkov, about 12% of the world reserves of rare earth metals account for Russia, while Russia produces about 0.7% of these indicators. As the expert noted, Russia has great potential as a producer of REM. “In the Arctic, it is assumed that there is almost the entire Mendeleev table, the same rare earth metals. Our exploration is very weak even for oil and gas, which is most in demand, and such exploration is more active than for other minerals. In the Arctic, it is estimated that we have explored about 6%. And these are mainly the western, let’s say, Arctic seas. Everything east of Yamal is even worse. And in this regard, Russia has a very great potential, the expert said. Yushkov added that Russia has the potential in the field of REM both to provide the domestic market and to produce such metals for export.
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