Ministry for the Development of the Russian Far East and Arctic: Russia can offset up to 7% of global lithium deficit

According to forecasts, the global market could face a lithium shortage of approximately 1.3 million tons and a rare-earth metals deficit of 66,000 tons by 2040. Lithium is critical for manufacturing batteries for electric vehicles and renewable energy systems.

In a report by Alexey Chekunkov, Head of the Ministry for the Development of the Russian Far East and Arctic, Russia’s domestic production development could offset up to 7% of the global lithium deficit (around 91,000 tons). Additionally, the country could cover 4% of the rare-earth metals shortfall (roughly 2,600 tons) and capture up to 15% of the global beryllium market.

He previously stated that the nation’s total rare metal reserves are estimated at 658 million tons, sufficient to fully meet domestic demand.

Rare-metals include 14 elements, such as lithium, rubidium, cesium, beryllium, and rare-earth metals. The Ministry reports that Russia’s balance reserves of rare-earth metals (encompassing 15 minerals) amount to 28.5 million tons, including elements like samarium, yttrium, lutetium, and others.