Russian President Vladimir Putin proposed the possibility of joint exploration of rare -earth metals in the country, as well as the supply of aluminum to the US domestic market as part of a future economic transaction.
US President Donald Trump previously stated that “major transactions for economic development with Russia” will take place. Within two hours after Trump's statement, Putin held a meeting with his ministers and economic advisers to rare -earth metals.
“By the way, we would be ready to offer (joint projects) to our American partners, and when I say“ partners ”, I mean not only administrative and government structures, but also companies if they show interest in joint work, ”Putin said on the air of state television after the meeting.
“We undoubtedly have it, I want to emphasize this, much more resources of this kind than that of Ukraine,” Putin added. He mentioned that the potential deal of the United States and Ukraine on rare earth metals does not cause concern among Russia.
According to the US Geological Service, Russia ranks fifth in the world in reserves of rare -earth metals after China, Brazil, India and Australia. Russian reserves are estimated at 3.8 million tons.
Rare Earth metals are used for the manufacture of magnets, which convert energy into motion for electric vehicles, cell phones, missile systems and other electronics. Russia mines only 2500 tons of concentrate per year and has no capacity for processing.
Putin said that potential transactions for the exploration of rare -earth metals can be extended to deposits in the territory of Eastern Ukraine, which Russia controls after three years of hostilities.
Putin noted that Russian companies could also supply up to 2 million tons of aluminum per year to the US market if the US market was again opened. Russia provided up to 15% of aluminum imports in the United States before the introduction of prohibitive duties in 2023.
“This (supply of Russian aluminum) will not have a significant impact on pricing. However, in my opinion, this will still have a restraining influence on prices, ”said Putin.
Putin suggested that Russia and the United States could jointly work on the development of hydropower and the production of aluminum in the Krasnoyarsk Territory in Siberia, where the largest Rusal aluminum producer in Russia.
“The most important thing, in my opinion, is that we could consider working together with American companies in this area,” Putin said. He estimated potential investments in this project of $ 15 billion.
Putin said that joint projects can be extended to the energy sector, and that some Russian and American companies are already in contact. He did not bring details.
In the transcript published by the Kremlin, Putin said that rare earth metals are a priority sector for the economic development and competitiveness of Russia.
According to him, the government seeks to “increase the potential of domestic industry”, covering both the extraction of minerals and the “production of ready -made high -tech goods.”
