2025-05-23
Russian state business registration documents show that Rosnef PJC has recently acquired the giant Tomtor rare earth deposit in Siberia, which is considered the largest of its kind in Russia.
According to the Russian Ministry of Development of the Far East and Arctic, the deposit has an estimated 154 million tons of ore reserves. The deposit includes monazite and pyrochlore, as well as precious elements such as niobium and scandium. Putin has previously criticized the repeated delays in the development of the Tomtor mine.
According to estimates by the United States Geological Survey (USGS), Russia has the world’s fifth largest rare earth reserves at 3.8 million tons, second only to China, Brazil, India and Australia. The country aims to occupy 12% of the global market share within five years. Before the Russia-Ukraine conflict, Russia planned to invest $1.5 billion to become the world’s second largest rare earth producer after China by 2030.
