In a wide-ranging interview with Russian journalist Pavel Zarubin on Feb. 24, one of the many subjects Russian President Vladimir Putin touched on is Russia’s wealth of rare earth minerals, which far exceeds that of Ukraine, and the likelihood of establishing economic cooperation projects with U.S. companies in that area and others. Prior to speaking with Zarubin, Putin had just met with experts precisely to discuss developing Russia’s rare earth metals industry. The high-level meeting, which had been proposed at the Feb. 21 Future Technologies Forum, included government officials, cabinet members and other technical experts to discuss the role of rare earths in fueling an industrial economy.
In his subsequent interview with Zarubin, Putin referenced the earlier meeting, stressing that rare and rare earth metals are “crucial resources for modern industries,” and that there is much more to be done in this area.
It is instructive that Putin said he would be open to cooperation with “our American partners … and I mean not only administrative and government agencies but also private companies as long as they show interest in working together.” The issue of U.S.-Russian economic cooperation was discussed at the Feb. 18 meeting in Riyadh attended by high-level Russian and American diplomats. Russia, Putin underscored, possesses significantly larger resources of this kind than Ukraine does. In fact, he said, Russia is one of the “uncontested leaders when it comes to rare and rare earth metal reserves.” Ultimately, he added, whatever agreement the U.S. and Ukraine come to regarding U.S. exploitation of Ukraine’s rare earth minerals, seeking profits to reimburse the U.S. for the funds spent in the Ukraine war, this is of no interest to Russia.
Russia’s vast resources, Putin said, are located in the north, in Murmansk, in the Caucasus, in Kabardino-Balkaria as well as in the Far East, in the Irkutsk Region and elsewhere. Developing these resources takes a substantial amount of investment. “We would be happy to cooperate with any foreign partners, including American companies,” he said.
Putin added that he would be ready to offer American and other foreign partners participation in rare earth mining projects, including in the liberated Donbass and Novorossiya regions. “There are certain reserves there, too.” He also suggested that the U.S. and Russia could consider joint work in aluminum production. “For example,” he explained, “in the Krasnoyarsk Region, back in Soviet times, there were plans to build a new hydroelectric power plant and create additional aluminum production facilities.” If American companies work in Russia, “they will make a decent profit and the corresponding amounts of aluminum will be delivered to the domestic market at absolutely acceptable market prices. There is a lot to think about here.”
