Russia And The United States Are Negotiating To Cooperate in The Development Of Rare Earth Projects in Russia
Apr 07, 2025
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According to Mining.com, Kirill Dmitriev, the Russian sovereign wealth fund, revealed on Monday that Russia has begun talks with the United States on cooperation to develop the country's rare earth project.
Dmitriev told the Izvestia newspaper that "rare earth metals are an important area of cooperation and we have already started talks on a number of rare earth metal projects in Russia."
Dmitriev was one of Russia's representatives at talks between the two sides held in Saudi Arabia in February. Some companies have expressed interest in forming joint ventures, he said.
The Kremlin says the talks are at an early stage. "There are no details yet, but the interest is clear," Kremlin spokesman Dmitry Peskov said on Monday. "The interests are mutual because we are talking about mutually beneficial projects."
Izvestia reported that rare earth cooperation will be further discussed at the next round of Russia-US talks in Saudi Arabia in the coming weeks.
In February, Putin suggested that the United States should be open to exploring rare earth deposits in Russia.
Rare earths are used in permanent magnets, smartphones and military equipment. Russia's rare earth reserves rank fifth in the world.
"We are willing to cooperate with any foreign partner, including the United States," Putin said at the time, listing a number of areas where rare earths could be explored and exploited, including Siberia and the Russian Far East.
Last week, US President Donald Trump said he would soon sign a wide-ranging mineral and natural resources agreement with Ukraine. Ukrainian President Volodymyr Zelensky responded that he would not accept any agreement that threatened Ukraine's integration with the European Union.
Ukraine has little choice but to sign the deal if it wants to continue receiving U.S. military support.
Trump claimed the emerging deal would allow the United States to recoup hundreds of billions of dollars in military aid to Kiev. Ukraine, in turn, wants the deal to include US security guarantees.
The United States Geological Survey (USGS) estimates Russian rare earth reserves at 3.8 million tons, but Russia claims the actual number is much larger.
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