MINING TECHNOLOGY | Russia is planning an investment of around $1.5bn in rare earth minerals, which are “critical” to the defence, telecommunications as well as renewable energy sectors.
The latest move comes as the country strives to become the biggest producer of rare earths after China by the year 2030, Reuters reported citing a top government official.
Russia’s initiative aligns with other countries, such as the US, which are also trying to reduce their reliance on China for rare earths.
Rare earths are used as critical components across several industries, from electric vehicles to smartphones. They are vital for satellites, missile guidance systems, missile defence systems and more.
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