Rosneft Bought Rare Earth Deposit in Siberia, Potentially Interesting to the US - Bloomberg
Kyiv • UNN
Russian company Rosneft has bought a company that owns a license for the Tomtor administrative region in Yakutia. The project is called a potential candidate for cooperation between Russia and the United States.
The largest Russian oil producer "Rosneft" has bought a giant Siberian rare earth metals deposit, which could become an area of cooperation with the United States. This is reported by Bloomberg, reports UNN.
Details
Russian state company PJSC Rosneft bought a closely related closed company "Vostok Engineering" on May 20, which owns a license for the Tomtor administrative region in Yakutia. This data has been entered into the Russian Unified State Register of Legal Entities.
Russian dictator Vladimir Putin ordered in November to ensure the development of Tomtor either by its owners, or with the help of other investors, or with state support. Work at the field was suspended, as sanctions imposed due to Russia's invasion of Ukraine in 2022 put an end to the Russian business's access to important Western technologies.
Tomtor in the Russian Far East, approximately 430 km from the Sea of Okhotsk, is considered one of the world's largest rare earth metal deposits, estimated by the Ministry of Development of the Far East and Arctic to contain a total of approximately 154 million tons of ore. It contains rare earth minerals such as monazite and pyrochlore, as well as elements such as niobium and scandium.
The project has been named a potential candidate for the development of cooperation between Russia and the United States in the event of a peace agreement with Ukraine on Moscow's terms, an official close to the Russian government told the publication in April.
There is a growing interest in new sources of critical minerals in the United States after China's decision to restrict the export of rare earth materials. US President Donald Trump's administration views rare earth elements as "building blocks of our defense industrial base" and as critical to the creation of jet engines, missile guidance systems, modern computers, as well as radars, optics and communications equipment.
Russia, inspired by Trump's talk of economic deals that could be struck in the context of a long-awaited peace deal, is working on a list of projects and assets that officials hope could interest the United States. The list of opportunities includes not only rare earth metal deposits, but also energy and Arctic projects.
Let us remind you
US President Donald Trump refused to join the campaign of the European Union on sanctions pressure on Russia, because he wants to focus on economic cooperation with the Kremlin.