Russian Industry and Trade Ministry developing around 20 rare, rare earth metal projects with investors

MOSCOW. July 2 (Interfax) - The Industry and Trade Ministry is working with potential investors on approximately 20 rare and rare earth metal (REM) production projects, Industry and Trade Minister Anton Alikhanov said during a government hour session at the Federation Council.

"In the interests of metallurgy and specialty alloys, we're working on 24 product chains for rare and rare earth metals. We've now compiled long-term supply-demand balances for all civilian and defense sectors. Accordingly, we're developing about two dozen projects with interested investors," Alikhanov said.

The day before, Alikhanov said that the ministry expects to increase Russia's REM production sevenfold and noted that tax incentives for such projects are being developed jointly with the Finance Ministry.

President Vladimir Putin previously said that Russia plans to ramp up production of new materials based on rare earth metals, including under the New Materials and Chemistry national technological leadership project. Putin also said that Russia was willing to invite foreign partners for joint work on rare earth metals.

Russia currently imports around 75% of required REMs. The country plans to reduce rare earth metal imports to 45% by 2030 while achieving production levels of 50,000 tonnes.