Russia Courts U.S. Partners for Rare Earth Ventures

Russia's sovereign wealth fund seeks U.S. partners to develop its vast rare earth deposits, aiming to counter China's dominance in the sector. CEO Kirill Dmitriev underscores Russia's larger reserves compared to Ukraine and potential collaborations with American companies to explore these resources.

Russia's sovereign wealth fund is looking to collaborate with U.S. firms to develop its substantial rare earth deposits, as stated by Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), on Tuesday.

Appointed as President Vladimir Putin's envoy on international economic cooperation, Dmitriev was part of Russia's delegation during negotiations with U.S. officials in Saudi Arabia this past February, focusing on economic cooperation. "Russia's reserves of rare earth metals far surpass those of Ukraine, and there are several Russian deposits under consideration," said Dmitriev.

As rare earth metals become focal in high-tech industries, due to efforts by U.S. President Trump to challenge China's market hold, President Putin proposed a joint exploration of Russia's rare earth metals with the U.S. under a future economic agreement. With Russia holding the fifth-largest reserves globally, significant interest from American companies is evident, although Russia's involvement remains crucial, Dmitriev emphasized.

(With inputs from agencies.)