India views Russia as key partner for meeting rare-earth metal needs, counting on long-term partnership - India's deputy minister of mines

NEW DELHI. Sept 9 (Interfax) - India is prepared to develop cooperation with Russia based on long-term agreements in the extraction and processing of rare and rare earth metals, Shri Keshav Chandra, a senior official from India's Ministry of Mines, said.

Speaking at the Innoprom. India forum, he noted that the country had recently acquired rights to a site in South America.

"We are considering other locations as well. Russia could be one of the most significant partners in this regard, particularly when it comes to critical minerals that are not found in India," he said.

Chandra noted that India lacks certain rare-earth metals and plans to secure supplies through partnerships with other nations. "We are confident that our long-term partnership with Russia will bridge the gaps we face in the development of the entire sector. This applies to processing, raw materials, and subsequent industrial application," he said.

Russia is prepared to cooperate with India in the rare-earth metals sector on a long-term basis, specifically guaranteed market access is a priority for the Russian side. Mikhail Yurin, Deputy Minister of Industry and Trade, said during a session dedicated to critical minerals.

"We believe that there is significant potential and a promising future for joint projects involving deposit development, the construction of mining and processing complexes, and investments in processing and high-value-added manufacturing. Cooperation could also take the form of long-term contracts underpinned by intergovernmental agreements," Yurin said.

"These projects are inherently long-term, involving substantial investment and extended payback periods. Long-term contracts and guaranteed market access are key factors in ensuring the success of these projects," the deputy minister emphasized, noting that Russia possesses processing expertise and a resource base, while India has a growing demand for rare-earth metals.