Russia’s largest oil company, state-run Rosneft, has taken control of the country’s biggest rare earth metals deposit by acquiring Vostok Engineering, the firm holding the license for the Tomtor site in Yakutia.
The move, confirmed Wednesday through Russia’s national company registry, gives Rosneft control over one of the world’s richest rare earth reserves. Tomtor is considered among the top three rare earth deposits globally and contains the world’s largest known supply of niobium, a metal critical for the aerospace, automotive, and shipbuilding industries.
The acquisition follows President Vladimir Putin’s call in late 2024 for faster development of the site. At the time, he criticized previous license holders for failing to invest in the deposit and urged action either through direct development or partnerships.
“This is a strategic resource that the state needs now,” Putin said in November.
With Rosneft—led by Putin ally Igor Sechin—now overseeing the project, the deposit may move closer to full development.
Earlier this year, Tomtor was even mentioned as a potential area for U.S.-Russia cooperation on critical minerals if a peace deal over Ukraine had been reached, according to a Bloomberg source close to the Russian government.
Russia, the U.S., and other nations are working to develop local supplies of rare earth metals to reduce reliance on China. However, experts note that the real challenge lies in refining, not just mining, these critical materials.
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