Rosnedra announced the ability of the Russian Federation to provide the whole world with rare earth metals

The Russian Lovozerskoye deposits in the Murmansk region and Tomtorskoye in Yakutia can provide rare earth metals (REM) not only to Russia, but also to the whole world. This was announced on June 18 by Oleg Kazanov, head of the Federal Agency for Subsoil Use.

He noted that 11 million REM reserves out of 28.5 million tons are concentrated in these Russian deposits: 7 million tons in Lovozerskoye and 4 million tons in Tomtorskoye.

"In general, these two facilities are ready to provide not only the country, but also the world completely. In addition to this, there are areas of undistributed fund, as well as objects of man—made raw materials that are not accounted for in the 28.5 million confirmed reserves in Russia," he told RIA Novosti.

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Earlier, on April 25, Dmitry Patrushev, Deputy Prime Minister of the Russian Federation, stated at the board of the Federal Agency for Subsoil Use that Russia has a unique mineral resource base, including about 230 types of minerals. He noted that in 2024, a record amount was allocated for geological exploration — more than 450 billion rubles. In the next three years, the government will allocate more than 50 billion rubles for these purposes.