President Vladimir Putin on Tuesday instructed the Russian government to develop a roadmap for the long-term production of rare-earth minerals as Moscow seeks to capitalize on rising global demand for the metals.
The plan, which is to be overseen by Prime Minister Mikhail Mishustin, must be developed by Dec. 1, the Kremlin said.
Putin recently claimed that Russia is one of the world leaders in rare-earth mineral reserves and said the country needs “to implement advanced [mining] technologies” and “stimulate domestic demand.”
Russia’s Ministry of Natural Resources said that the country’s total reserves of 29 types of rare minerals amount to 658 million metric tons.
Rare-earth minerals are essential for the production of smartphones, electric vehicles and weapons.
Experts estimate that Russia ranks fifth globally in rare-earth reserves. However, Russia currently produces just 1% of the world’s rare minerals and has minimal processing capabilities.
In February, Putin said Russia was ready to offer projects to other countries, including the United States, in the field of rare-earth metals.
U.S. President Donald Trump signed a deal in April with Ukrainian President Volodymyr Zelensky that provided Washington with preferential rights to rare-earth minerals extraction in Ukraine while attempting to broker a Russian-Ukrainian ceasefire.
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