Russia's Untapped Rare Earth Potential: A New Frontier for Nornickel

Russian billionaire Vladimir Potanin is considering rare earth projects in Russia and Eastern Ukraine due to underexplored reserves. The importance of these metals has grown amid U.S. efforts to reduce China's dominance. Collaborations with technological partners are needed for exploration due to challenging conditions.

Vladimir Potanin, the CEO of Russian metal giant Nornickel, has set his sights on untapped rare earth resources within Russia and Russian-controlled Eastern Ukraine. During a recent press conference, Potanin highlighted the inadequate exploration of these reserves, a legacy of lost Soviet-era geological data.

The move to explore rare earths, vital for tech industries, comes as global interest surges in the wake of U.S. President Donald Trump's strategic initiatives to challenge China's market dominance. Potanin articulated the need for restoring past geological studies and hinted at potential projects.

While President Vladimir Putin has proposed a joint exploration initiative with the U.S., Potanin underscores the necessity for Russian firms to seek partnerships that bring essential technologies to overcome the complexities of these projects. Despite its stature in nickel and palladium, Nornickel currently holds no licenses for rare earth exploration.

(With inputs from agencies.)