According to Mining.com, Kirill Dmitriev, head of Russia's sovereign wealth fund, revealed on Monday that Russia has begun talks with the US on cooperation in developing the country's rare earth projects.
Dmitriev told Izvestia, "Rare earth metals are an important area of cooperation, and we have already started talks on several rare earth metal projects in Russia."
Dmitriev was one of the Russian representatives in the bilateral talks held in Saudi Arabia in February. He revealed that some companies have expressed interest in forming joint ventures.
The Kremlin stated that these negotiations are still in the early stages. "There are no specific details yet, but the interest is obvious," Kremlin spokesman Dmitry Peskov said on Monday. "The interests are mutual, as we are talking about mutually beneficial projects."
Izvestia reported that rare earth cooperation will be further discussed in the next round of Russian-US talks to be held in Saudi Arabia in the coming weeks.
In February, Putin suggested that the US should be open to exploring rare earth deposits in Russia.
Rare earths are used in permanent magnets, smartphones, and military equipment. Russia ranks fifth in the world in rare earth reserves.
"We are willing to cooperate with any foreign partners, including the US," Putin said at the time, listing several regions where rare earths could be explored and developed, including Siberia and the Russian Far East.
Last week, US President Trump stated that a broad-ranging agreement on minerals and natural resources with Ukraine would be signed soon. Ukrainian President Zelensky responded that he would not accept any agreement that threatens Ukraine's integration with the EU.
If Ukraine wishes to continue receiving US military support, it has few other options besides signing the agreement.
Trump claimed that the upcoming agreement would allow the US to recoup the hundreds of billions of dollars in military aid provided to Kyiv. In return, Ukraine hopes the agreement will include US security guarantees.
The U.S. Geological Survey (USGS) estimates Russia's rare earth reserves at 3.8 million mt, but Russia claims the actual figure is much higher.
