Russia may become leader in rare earth-metals production

Russia may become a leader in extraction and processing of rare-earth metals (REM), if it manages to create infrastructures and comfortable business conditions in the Arctic, while the global industry will face a deficit in REM in 2030, Russian Academician, Doctor of Geology and Mineralogy Nikolay Pokhilenko told TASS.

At the International Arctic Forum in April, Russian President Vladimir Putin said the creation of a rare-earth metals processing industry in the Arctic is one of priorities in the region's development. The work will be organized under the federal project "Geology: Legend Rebirth."

"The demand for rare-earth metals will grow sharply, and the mining industry, despite China's mining capacity, will progressively lag behind demand. This is where we, in addition to internal needs, will have the opportunity to enter the global market. The Russian Arctic can satisfy part of the global demand for rare-earth metals after 2030," the expert said.

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