Technological support is needed for the development of rare earth metal deposits

"Most rare earth metal (REM) deposits in Russia are understudied, and their development could benefit from technological support from foreign partners," said Vladimir Potanin, Head of Nornickel, in a statement to journalists.

"I believe that since these projects are complex, technological support from various partners would be beneficial," He replied to the questions about the cooperation with foreign partners in the development of these resources.

Russian Federation plans to reduce its reliance on rare earth metal imports to 45% by 2030, down from the current 75%, while increasing domestic production to 50,000 tons, said Anton Alikhanov, Head of the Ministry of Industry and Trade, in February.

Lithium, a key component of lithium-ion batteries, along with titanium, tungsten, vanadium, molybdenum, and a number of other metals, is classified in Russia as a rare element—a broad group of metals that also includes REMs (lanthanides).