Minpromtorg ready for joint foreign projects on rare earth metals
The Ministry of Industry and Trade noted that they are ready to establish the export of rare earth metals and to joint projects with foreign partners in this area.
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📝 Summary
The Ministry of Industry and Trade noted that they are ready to establish the export of rare earth metals and to joint projects with foreign partners in this area.
The purpose of such actions is to enter the full technological cycle: from production and processing to the production of final products. The only country that has done so far is China. “As a result of the implementation of the relevant federal project by 2030, the Russian Federation should bring the production of REM products to 50 thousand tons worth 100 billion rubles,” the ministry told Kommersant. The Ministry of Natural Resources specified that the total reserves of 29 rare metals in Russia are 658 million tons. This will be enough to meet the current needs of the economy and for the long term. Today in Russia there are no facilities for processing rare earth metals (REM), Russia imports up to 90% of REM. The need for REM is growing by about 10% per year, said the head of analytical research at Alfa Bank Boris Krasnozhenov. The main difficulty lies in the processing and extraction of REM. The fact is that they must be separated from radioactive and refractory elements by hydrometallurgical processes and then converted to oxide or carbonate form for sale. Against the background of the introduction of American duties, Canadian steelmakers are likely to refocus on the European consumer, who will refuse Russian supplies. Moscow, in turn, can find a market in the United States. Earlier, Russian President Vladimir Putin said he was ready to allow foreign partners to work in Russian territories, including in new regions of the Russian Federation. In this case, foreign companies will be allowed to develop REM.
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