Russia plans investment of $1.5-billion in rare earth minerals, critical to the defence, telecommunications and renewable energy sectors, as it strives to become the biggest producer after China by 2030, a top government official told Reuters.
Russia’s initiative is in line with other countries, such as the United States, which are also trying to curb their reliance on China, home to 63% of global rare earths production and 37% of global reserves.
China’s dominance is so established, it is hard to weaken.