Russia's Rare Earth and Critical Minerals: Rich Geology, Thin Midstream, State-Led Rebuild

Highlights

• Russia holds 28.4 million tonnes of rare-earth reserves across 18 deposits but extracts only ~2,200 tonnes annually, with commercial output limited to the Lovozero loparite deposit.
• Rosatom is consolidating the Lovozero mine with the Solikamsk Magnesium Plant, targeting a 2,500-tonne-per-year separated rare-earth oxide facility by 2028.
• Russia already dominates global palladium supply at 41% and holds strategic positions in vanadium, nickel, and cobalt, making it systemically important beyond rare earths.
• India-Russia cooperation is advancing through agreements between GIREDMET and India's TEXMiN and Nexon Geochem covering REE processing, NdFeB magnets, and pilot validation.
• Investors are warned not to conflate geological reserves with market-ready supply—Russia's critical mineral future will be decided in separation plants, not on geological maps.