Russian President Vladimir Putin has ordered his government to develop a roadmap for mining rare earth metals, as Moscow seeks to join the global race for the strategically vital resources.
Putin called for an “action plan” to be ready by Dec. 1 “for the long-term development of the extraction and production of rare and rare earth metals,” state-owned Russian media outlet TASS reported Tuesday.
Rare earths — essential components in everything from smartphones and electric vehicles to wind turbines — are increasingly seen as critical to technology and energy security, earning the attention of leaders such as U.S. President Donald Trump.
Russia contributes only about one percent of global rare earth production despite possessing vast reserves. According to the Kremlin’s estimate, the country holds reserves of 15 rare earth metals totaling 28.5 million tons.
China currently dominates the market, producing about two-thirds of the world’s supply and accounting for almost half of the EU’s imports.
Although the EU has sought to diversify its sources, mining and processing rare earths is complex and costly, leaving the bloc heavily dependent on Beijing.
Antonia Zimmermann contributed to this report.
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