Moscow, March 18 (Reuters) - Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), stated on Tuesday that Russia's sovereign wealth fund is considering the development of rare earth deposits in the country and aims to collaborate with U.S. companies. Dmitriev, also appointed President Vladimir Putin's envoy on international economic cooperation, was part of Russia's negotiation team in talks with U.S. officials in Saudi Arabia last February, focusing on economic matters.
"Russia's reserves of rare earth metals exceed those in Ukraine several times over, and we are evaluating multiple Russian deposits," Dmitriev informed reporters.
Rare earths and other critical metals, crucial for high-tech industries, have garnered global attention due to U.S. President Donald Trump's efforts to challenge China's dominance in the sector.
President Vladimir Putin has offered the U.S. the opportunity, as part of a future economic agreement, to jointly explore Russia's rare earth metal deposits.
"We aim to engage American companies in these projects; there is notable interest, yet Russia's enthusiasm is also important," Dmitriev mentioned.
According to the U.S. Geological Survey (USGS), Russia possesses the world's fifth-largest reserves of rare earth metals, trailing behind China, Brazil, India, and Australia. USGS approximates Russia's reserves at 3.8 million metric tons.
Russian assessments of its total rare earth reserves are higher.
As per the Natural Resources Ministry, Russia holds reserves of 15 rare earth metals amounting to 28.7 million tons as of January 1, 2023. Of this, 3.8 million tons are either in progress or poised for development.