Kremlin: US companies show initial interest in Russian rare-earth projects

On Monday, the Kremlin announced that some American companies have expressed interest in joint rare-earth metals projects with Russia. However, it cautioned that these discussions are still in an early stage.

The U.S. president Donald Trump has made it clear that he is open to negotiating with Kyiv on a possible agreement regarding minerals. Moscow also expressed its willingness to negotiate.

Russian President Putin

In February, it was suggested that the U.S. may be interested in joint exploration of rare earth metals in Russia. The country has the fifth largest reserves in the world. These metals are used in military hardware and lasers.

Dmitry Peskov, Kremlin spokesperson, said that due to sanctions imposed on U.S. companies in Russia there had been no agreements signed by Moscow with American firms. However, he added that "some" of these companies were showing interest.

The interest is obvious, even though there aren't any specifics. Peskov said that the interest was mutual because they were talking about mutually beneficial projects.

Kirill Dmitriev's comments to the Izvestia published Monday revealed that discussions with American companies had already started. He did not mention any companies nor provide additional details.

Rare earths is a grouping of 17 metals, used in the production of magnets for electric vehicles, mobile phones, missile systems, and other electronic devices. There is no substitute.

Moscow's estimates of Russia's rare earth metal reserves are much higher than the U.S. Geological Survey estimate.

Izvestia reported that the next round of Russia and U.S. talks could take place in Saudi Arabia in mid-April. (Reporting and Writing by Lucy Papachristou, Editing by Andrew Osborn).

(source: Reuters)