Russia has announced that it will enter the rare metals exploration race by committing to produce 60,000 metric tons of lithium carbonate by 2030. The country has reported that industrial extraction of lithium will begin in 2030 and is expected to reach at least 60,000 tons. Lithium is an essential metal in the manufacturing of electric vehicles and is listed among the 50 critical minerals according to the United States Geological Survey.
According to official data, Russia claims to possess 3.5 million tons of lithium oxide reserves, many of which are located in Siberia. For the country, which has traditionally imported lithium, it becomes crucial to quickly start local production to ensure the supply of this strategic resource for the economy. Licenses have already been granted for lithium exploration in three deposits, two in Murmansk and one in the Tuva region, near Mongolia.
Despite having large reserves of rare earth metals, Russia hardly participates in global production. The country ranks among the top five in reserves of these metals, representing 17% of the world's total. However, it contributes less than 1% of global production, ranking second after China in world reserves. Russian President Vladimir Putin has advocated for increased extraction of rare metals in the country.
According to experts, before Western sanctions, Russia did not see the need to explore its rare metal resources, mostly depending on imports. However, circumstances have changed, and technological processes have begun for the extraction of these minerals in the country.
Rare metal deposits in Russia are located in areas with extreme climatic conditions, which translates into significant investments for their exploration and extraction. Currently, the only active rare earth metal production is in the Murmansk region, at the Lovozerski mine. Other significant projects in this field are practically halted.
On the other hand, Ukraine possesses a considerable amount of mineral resources, owning one third of lithium reserves in Europe, as well as significant titanium sponge deposits. The President of the United States, Donald Trump, proposed a joint exploitation agreement for rare earths to Ukraine. Overall, Ukraine holds 5% of the world's mineral resources and ranks 40th among mineral producers worldwide.
