India and Russia push JVs in critical minerals, rare earths

New Delhi: India and Russia are intensifying efforts to pursue joint projects on critical minerals and rare earths, people familiar with the matter told ET.

At the India-Russia Annual Summit held two weeks ago, the two countries agreed to increase trade and deepen cooperation in exploration, processing and refining technologies for these essential elements that are critical for the transition to green energy and modern technology.

Andrey Goliney, director of the Giredmet Institute, a member of the Rare and Rare Earth Metals Association, recently told Russian state media RIA Novosti that Russian and Indian investments in the development of domestic deposits of rare and rare earth metals (RM and REE) could reach hundreds of millions of dollars.
He said India has seen increasing interest in rare metals and rare earths, driven by the rapid development of industries such as electric mobility and wind power.

At the Annual Summit on December 5-6, Prime Minister Narendra Modi had made a special reference to the critical mineral partnership.

Russia has significant, though largely untapped, REE deposits, estimated to be the fifth largest worldwide. According to the country’s ministry of natural resources, the total reserves of 29 types of rare metals currently stand at 658 million tonnes.
Lovozerskoye (Kola Peninsula) is an important field in Russia with significant REE ore deposits mined at Rosatom’s facilities. Tomtor (Yakutia) is another important field expected to produce significant amounts of REE and niobium. REE deposits are also located in Krasnoyarsk Krai and the Irkutsk region of Russia.