Russia will increase production of rare earth metals

Russia possesses significant reserves of rare earth elements, but still produces quite a bit. China controls the rare earth market. The demand for these products is growing rapidly, and Russia can take advantage of it, according to industry experts.

Often, when talking about the largest producers of rare earth metals, everyone thinks of China or India or the United States. However, despite the enormous potential of significant reserves of rare earths, few people think about Russia when the production of these metals is discussed.

And the numbers only confirm this. According to http://avrios.ru/material/bruschatka-granitnaya/, only 2,400 tons of rare earth metals, accounting for 2.1 percent of the world's total. About 1,500 tons of the mined is used for own consumption. This means that Russian exports of rare earth metals remain at a relatively low level.

In addition, the Soviet Union ranked third in the world for the extraction of rare earth metals. Now Russian reserves of this raw material are estimated at about 18 percent of the world. At the same time, China owns 42 percent of the world's resources, and produces more than 95 percent of rare earth metals, while continuing to develop the industry.

Recently, there has been a strong demand for rare earths in the European Union, especially in the development of alternative energy. High energy magnets are used for wind turbines. Rare earths are essential for the production of hybrid engines, as well as for the production of quality engine oils and gasoline. The production of smartphones and TVs cannot do without them.

Experts suggest that in the next five years, the demand for these elements will increase by half, which may lead to a shortage that Chinese manufacturers will not be able to cover. Therefore, the strengthening of Russia's position in the rare earth metals market looks logical. It is already planned to invest 145 billion rubles to put into operation new fields, including Tomtorskoye, located in the north of Siberia.