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(Bloomberg) — Russia’s largest oil producer bought a giant Siberian rare-earth deposit, which may become an area of cooperation with the US.
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State-run Rosneft PJSC acquired closely held Vostok Engineering, which holds the license for Tomtor, on May 20, according to Russia’s national commercial registry.
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President Vladimir Putin in November ordered the development of Tomtor be ensured either by its owners or with help from other investors or with state support. Work on the deposit was put on hold as sanctions, imposed over the Russian invasion of Ukraine in 2022, prevented access to Western technologies.
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Tomtor in Russia’s Far East, some 430 km (267 miles) from the Sea of Okhotsk, is considered one of the world’s largest rare-earth deposits, holding a total of around 154 million tons of ores, according to estimates from the Ministry for the Development of the Far East and Arctic. It contains such rare-earth minerals as monazite and pyrochlore, as well as elements including niobium and scandium.
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The project was named as a potential candidate for cooperation between Russia and the US, should a peace deal be reached with Ukraine, a person close to the Russian government said in April.
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There’s growing appetite in the US for new sources of critical minerals, following China’s decision to curb exports of rare-earth materials. The administration of President Donald Trump views rare-earth elements as “building blocks of our defense industrial base” and crucial to building jet engines, missile guidance systems, advanced computers, as well as radar, optics and communications equipment.
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Russia, encouraged by Trump’s talk of economic deals that could follow a peace agreement, has been working on a list of projects and assets that officials hope might interest the US, people in Moscow involved in the effort said in April. The list includes not only rare-earth deposits but also energy and Arctic projects.
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Rosneft didn’t immediately respond to a request for comment on Wednesday.
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