Support The Moscow Times!

Sumitomo, Mitsui Seek Rare Earths in Siberia, Governor Says

Mitsui and Sumitomo, Japan's second- and third-biggest trading companies, have held talks with regional officials about niobium and scandium resources in Sakha, Sakha Governor Yegor Borisov said Friday.

Prices for rare earths, a group of elements used in products ranging from electric cars and laptops to guided missiles and satellites, have soared since July, when China cut second-half export quotas by more than 70 percent. China accounted for 97 percent of rare-earth output in 2009 and more than half of consumption, U.S. government data show.

Russia has the largest reserves of rare-earth minerals after China, though production is minimal, according to U.S. government data. The world holds about 99 million tons of commercially viable rare earths, with China and Russia accounting for 36 percent and 19 percent, respectively.

Global consumption of rare earths last year was about 124,000 tons, 10,000 tons less than production, a difference covered by stockpiles, the U.S. Congressional Research Service said in a Sept. 30 report. Demand will probably reach 180,000 tons next year.

With China continuing to restrict exports, Borisov said he's in talks with the Federal Subsoil Resource Use Agency about starting auctions for deposits as early as 2014.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more