"Rosneft" contemplates initiating the Tomtor Rare Earths Project
Yakutia Awaits Prompt Launch of Tomtor Rare Earth Project
Russia's Yakutia region is hopeful for the immediate initiation of the Tomtor Rare Earth Project, according to its leader, Aisen Nikolaev. This optimism stems from Rosneft PJSC, Russia's state-owned oil giant, acquiring Vostok Engineering, the project operator, making it the sole owner of the enterprise [1][4][5].
Nikolaev expressed his satisfaction regarding Rosneft's inclusion of the Tomtor deposit within its operations, stating, "We had a productive discussion with Igor Ivanovich Sechin [head of Rosneft] on this matter." He emphasized that technology development is crucial to extract rare earth elements from the deposit [2].
The project's strategic importance lies in its potential to spur new domestic industries, fulfill domestic needs, and establish technological sovereignty within the country. Nikolaev is confident that the project will commence soon due to Rosneft's extensive capabilities and expertise [2].
Rosneft's acquisition of Vostok Engineering dated back to July 2014, when it became the license holder for the Tomtor Rare Earth Deposit in Yakutia. The validity of this license extends until the end of August 2034 [3].
President Vladimir Putin had previously emphasized the need to address the idling of the Tomtor Deposit, with business entities that had been granted the license failing to invest in its development [4].
The Tomtor Deposit is renowned for housing some of the world's largest reserves of rare earth metals (REMs), including significant concentrations of niobium, terbium, ytterbium, scandium, and other minerals [3]. These resources are instrumental for the defense industry, electronics, and electric vehicles [2].
The strategic significance of the Tomtor Rare Earth Project lies in its potential to stimulate new domestic industries, particularly in finance, given the lucrative potential of rare earth metals. Furthermore, the successful extraction and utilization of these elements from the Tomtor Deposit could strengthen Russia's energy sector by enabling advancements in technology relevant to various energy-related businesses.
