Russia, US in talks over joint rare earths projects
Washington and Moscow have reportedly begun discussions on joint rare earths projects in Russia, the head of the country’s sovereign wealth fund, Kirill Dmitriev, said on Monday.
“Rare earth metals are an important area of cooperation and, of course, we have started discussions on various rare earth metals and projects in Russia,” Dmitriev told pro-Kremlin Russian newspaper Izvestia.
Dmitriev, who was part of Russia’s negotiating team at talks with US officials in Saudi Arabia in February, said some companies have expressed interest in potential joint ventures.
The Kremlin noted that such discussions remained in the early stages. “There are no specifics here yet, but the interest is evident,” spokesman Dmitry Peskov said on Monday. “The interest is mutual, because we’re talking about mutually-beneficial projects.”
Izvestia reported the cooperation on rare earths could be further discussed at the next round of Russia-US talks, expected to take place in Saudi Arabia in the coming weeks.
Russian President Vladimir Putin suggested in February the Washington might be open to exploring rare earth deposits in Russia, which holds the world’s fifth-largest reserves of the metals, used in magnets, mobile phones and military equipment.
“We would gladly work with any foreign partners including with Americans,” Putin said at the time, listing various regions including Siberia and and Russia’s Far East as key regions for rare earth mining.
Donald Trump said last week his administration would soon sign a wide-ranging minerals and natural resources deal with Ukraine soon. President Volodymyr Zelenskiy responded by saying he would not accept any agreement that threatened the country’s integration with the European Union.
Ukraine may have little choice but to proceed if it wants continued U.S. military support.
Trump has claimed the impending deal would allow the US to recoup hundreds of billions of dollars spent on military aid to Kyiv. Ukraine, in turn, wants the agreement to include long-term US security guarantees against future Russian aggression.
The US Geological Survey estimates Russia’s reserves of rare earth metals at 3.8 million tonnes, but Moscow claims the actual figure is significantly higher.