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Russia's Oil Major Rosneft Takes over Tomtor Rare Metals Deposit in the Far East
- On May 20, Rosneft, Russia’s state-controlled oil company, obtained full ownership of Vostok Engineering, the operator managing the country’s largest rare earth metals site located in the Yakutia region of Siberia.
- The acquisition followed President Putin’s November directive urging accelerated development of the Tomtor field due to prior delays and calls for increased investment and state support.
- Tomtor hosts Russia’s largest rare earth metals reserves, essential for mobile phones, electric cars, and defense industries, and is key to reducing Russia’s dependence on Chinese imports.
- China controls 95% of global rare earth production, while Russia holds an estimated 3.8 million tonnes of reserves aiming for a 12% global market share by 2030, with Rosneft’s takeover reinforcing this goal.
- The acquisition marks a strategic step for Russia to expand rare earth mineral production domestically amid Western sanctions and geopolitical tensions, potentially advancing its position as a top global producer.
12 Articles
12 Articles
Oil Giant Rosneft Buys Russia’s Biggest Rare Earths Deposit
Russia’s top oil producer, state-controlled Rosneft, has acquired the company that holds the license to operate and develop a giant rare earths deposit in Siberia, the largest such reserve in Russia and one of the world’s biggest. Rosneft has taken over control of Vostok Engineering, the company which holds the license for the Tomtor rare earth metals deposit in Yakutia, the Russian national companies registry showed on Wednesday. At the end of …
Mining Technology | Mining News and Views Updated Daily
offshore-technology.comRosneft acquires Tomtor rare earth deposit in Russia
Rosneft has acquired the Tomtor rare earth metal deposit in Siberia, by taking complete control of Vostok Engineering, the project operator.The post Rosneft acquires Tomtor rare earth deposit in Russia appeared first on Mining Technology.
Rosneft Takes Tomtor: Russia Locks Down Rare Earths and Putin Opens Up to Trump? Global Strategy in Yakutia - Economic Scenarios
Russia is strengthening its control over strategic resources with an operation of great geopolitical and economic significance: Rosneft, the Russian state-owned oil giant, has acquired Vostok Engineering, the company that holds the license to develop the giant Tomtor rare earth deposit, located in Yakutia, Siberia. This is the largest rare earth deposit in Russia and one of the largest in the world, with potential that could reshape the global b…
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