Russia seeks partnerships for rare earth mineral exploration

Russian billionaire Vladimir Potanin has announced plans to explore rare earth mineral reserves in Russia and Russian-occupied Ukraine. He suggested that foreign partners may join these efforts, especially with recent warming relations between Russia and former President Trump. Potanin, who leads the metallurgical company Norilsk Nickel, stated that many resources in Russia remain unexplored. His comments came after President Putin offered Trump the chance to collaborate on exploring Russian rare earth deposits. This offer is seen as an effort to present Russia as a key supplier of these important minerals. The Trump administration views rare earth minerals in Ukraine as a way to compensate for its military support to the region. However, it is unclear if any agreements will be reached with Russia. Critics of the Russian government have raised concerns about Putin's plans, particularly regarding deposits located in areas of Ukraine that Russia occupies. Potanin claimed that geological studies on these deposits are outdated and need to be updated. Currently, his firm does not have licenses for rare earth exploration but seeks partners due to the challenges of mining in the region. Kirill Dmitriev, from the Russian Direct Investment Fund, mentioned interest in collaborating with U.S. companies to develop these resources. Experts believe there are multiple areas where U.S.-Russia economic cooperation could occur, beyond rare earths. The situation remains uncertain, and the next steps will depend on ongoing discussions between Trump and Putin.