Russia plans to invest $ 1 billion for the rare earth project

Russia will invest $ 1 billion rare earth production, aimed at reducing dependence on China. At present China controls 90% of global rare earth supply of the market. United States, Japan and the European Union had accused China of manipulating its rare earth industry, the WTO, claiming that Chinese attempts to restrict supply to push up prices at the same time it has won a competitive advantage.

Rostec and IST is Russia's industrial and defense industry giant Alexander Nesis's investment company, has agreed to invest rare earth production in 2018, $ 1,000,000,000. Rostec goal is to have 2017 to achieve self-sufficiency rare.

An insiders, the Russian president and the government set up the task of expanding the rare earth production, because the Russian inventory is almost depleted. The source said that as the major producers a substantial increase in China rare earth prices, the need to rebuild inventories.

Rostec and IST venture company TriArkMining has received 82,653 tonnes of monazite concentrate acquired rights, the ore is stored in the Russian Urals Sverdlovsk state Uralmonatsit warehouse.

From the beginning of 2015, the next 7-8 years the joint venture from warehouse storage monazite concentrate extract 40,000 tonnes of rare earth. These inventories are rich in heavy rare earth elements such as dysprosium and terbium, these elements on the automotive, defense and clean energy industry must be high-energy magnetic material is essential. Heavy rare earth elements cerium and other light rare earth elements than scarce, making it more valuable.

Rostec said that Russia's annual consumption of about 1,500 metric tons of rare earth, is expected to reach 6,000 tonnes in 2020.

Rostec has eight broad defense materials production company, depending on the rare earth elements as a strategic raw material.

Chinese rare earth production ceiling set in 2013 93,800 tonnes, aimed at controlling the illegal exploitation of the industry.

Russia's rare earth production accounts for only 2% of world production, if there is no new projects coming years, Russia's share of production will drop to 1.5%.

ICT will be the joint venture's managing partner in industrial engineering, mineral processing and hydrometallurgical plant building experience will be of great benefit.


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