Rosneft takes over the largest rare minerals in Russia
Leading Russian oil maker Rosneft bought Tomter, the largest rare metal deposit in the country, after Russian President Vladimir Putin called for the development of the site last year.
Tomter is located in the northern Siberian region of Yakutia and is a key part of Russia’s plans to increase the production of high -tech metals used in weapons, mobile phones and electric cars to reduce the country’s dependence on imports from China.
According to data from the official state register of Russian companies, Rosneft took over full control over the manager of this site, the company Vostok Engineering.
Rosneft chief Igor Sechin is Putin’s longtime ally. Rosneft did not respond immediately to the transaction commentary, addressed to London’s Reuters.
In November last year, Putin accused Tomter project manager of delaying site development, suggesting that the company must collect investment or seek help from third parties, including the state.
Before the war in Ukraine, Russia planned to invest $ 1.5 billion in rare metals in an attempt to take second place on the world’s largest manufacturers by 2030, just behind China. Other countries, including the United States, are also trying to reduce their dependence on China, which controls 95 percent of global production and supply of rare metals.
Russia ranks fifth in the world rankings in rare metal deposits, according to USGS state geological agency data, and only China, Brazil, India and Australia have larger sites.
According to USGS estimates, Russian reserves amount to 3.8 million tonnes, and according to the sector development strategy, Russia plans to become one of the five largest producers of rare metals by 2030 and account for about 12 percent of the global market.
